Statutes, codes, and regulations
New Jersey Administrative Code
Title 19 - OTHER AGENCIESNEW JERSEY SCHOOLS DEVELOPMENT AUTHORITYChapter 35 - DISPOSITION OF SURPLUS REAL AND PERSONAL PROPERTY OF THE NEW JERSEY SCHOOLS DEVELOPMENT AUTHORITY
Subchapter 5 - DISPOSITION OF SURPLUS REAL PROPERTY SUBJECT TO ADVERTISING REQUIREMENTS
Section 19:35-5.31 - Sealed bid process for surplus real property: payment of balance of bid price

N.J. Admin. Code § 19:35-5.31

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Current through Register Vol. 57, No. 1, January 6, 2025
Section 19:35-5.31 - Sealed bid process for surplus real property: payment of balance of bid price
(a) Following the issuance of a Notice of Award and delivery of a fully executed purchase agreement, the successful bidder shall pay the balance of the bid price at closing of title in accordance with the terms and conditions set forth in the purchase agreement.
(b) If the manner of payment is not specified in the purchase agreement, payment shall be by certified check, bank check, cashier's check, or executed money order made payable to the "New Jersey Schools Development Authority" or any successor entity.
(c) Failure by the successful bidder to pay the balance of the bid price, return an executed purchase agreement, close title in accordance with the terms and conditions contained in the purchase agreement, or to otherwise fail to comply with requirements contained in the Notice of Award shall result in a forfeiture of the bid deposit to the SDA.
(d) In the event of a failure to close title, with the approval of the SDA Chief Executive Officer, or his or her designee, the SDA may, in its discretion, accept the bid of the next highest qualified bidder or again offer the surplus real property for disposition.

N.J. Admin. Code § 19:35-5.31

Adopted by 54 N.J.R. 647(a), effective 4/4/2022