N.J. Admin. Code § 19:35-5.8

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

Section 19:35-5.8 - Offer to purchase process for surplus real property: review and verification of offers to purchase

(a) Following the close of the offer period, the SDA shall review each submitted offer to purchase received in response to a solicitation of offers to purchase in accordance with the best interests of the school construction program, price, and other factors, as described at N.J.A.C. 19:35-5.9(b).

(b) The SDA, in its sole discretion, may seek additional information to supplement an offer to purchase, for purposes of verifying the accuracy and responsiveness of the offer to purchase, and to determine whether the offeror and/or the proposed offer is bona fide.

1. The SDA may request such additional information directly from the offeror, obtain the same from the public records, or obtain the same from others familiar with the offeror.

2. Such additional information may clarify, but not modify, an offer to purchase.

3. Such additional investigation may include, but shall not be limited to, contacting the offeror's surety companies, financial institutions, and review of business or personal financial records, reports, or statements.

N.J. Admin. Code § 19:35-5.8

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