N.J. Admin. Code § 19:35-5.32

Current through Register Vol. 57, No. 1, January 6, 2025

Section 19:35-5.32 - Disposition of surplus real property by internet auction

(a) The disposition of surplus real property may be conducted through an internet auction.

(b) Disposition by internet auction shall require the publication of an advertisement in the Public/Legal Notice section of a daily newspaper with Statewide circulation, and in a daily newspaper published or circulated in the county in which the property is located.

(c) Required newspaper advertisements shall be published at least twice, one week apart.

(d) The advertisement, at a minimum, must contain:

1. A clear statement that the disposition will take place over the internet;

2. The internet address of the website where the auction can be found;

3. The date and time for the internet auction;

4. A description of the surplus real property, including the county and municipality in which the same is located, the street address, the municipal tax block and lot numbers assigned, a metes and bounds description, if available, and a general description of any improvements constructed thereon; and

5. A clear statement of all terms and conditions material to the disposition.

(e) The website at the internet address provided in the advertisement shall set forth all requirements for bidding, the terms and conditions of the disposition, and the procedures for the transfer of the surplus real property to be sold.

(f) Where more than one tract or parcel of surplus real property is the subject of an internet auction, the SDA may require separate bids for each individual tract or parcel, may evaluate the bids received for each tract or parcel separately, and may accept a separate bid for each tract or parcel.

(g) Surplus real property that is the subject of an internet auction shall be awarded to the highest bidder meeting the terms and conditions material to the disposition.

(h) In the event that the SDA determines that there is insufficient participation with respect to all, or any, tract or parcel of surplus real property that is the subject of disposition by internet auction pursuant to this subchapter, the SDA reserves the right to remove such tract or parcel from the auction and terminate the disposition with respect thereto.

1. The SDA shall determine whether any item or items of surplus real property so withdrawn from the internet auction shall be re-offered for disposition, or otherwise disposed of in a manner that is consistent with this subchapter.

2. Where more than one item of surplus real property is the subject of an internet auction, the withdrawal of any item or items from the disposition by internet auction shall not affect the disposition of the remaining tract(s) or parcel(s) to be sold.

N.J. Admin. Code § 19:35-5.32

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