N.J. Admin. Code § 3:18-4.1

Current through Register Vol. 56, No. 19, October 7, 2024

Section 3:18-4.1 - Distressed property purchaser required disclosures

(a) Prior to the completion of a distressed property conveyance, a licensee shall notify a distressed property owner in writing that, pursuant to N.J.S.A. 46:10B-64.d, a distressed property purchaser is required to provide to that owner a disclosure statement setting forth in at least 14-point type all costs and fees that the owner will incur in connection with the conveyance.

1. The licensee shall maintain, as a business record, proof of having provided the written notification referenced in (a) above to the distressed property owner.

2. A distressed property purchaser shall provide a disclosure statement in the form available on the Department's website at www.dobi.nj.gov.

(b) Prior to the completion of a distressed property conditional conveyance, a licensee shall notify a distress property owner in writing that, pursuant to N.J.S.A. 46:10B-63.a, a distressed property purchaser is required to provide to the owner a disclosure statement in at least 14-point type setting forth all costs that the owner will incur in connection with the conditional conveyance and in connection with any option for the distressed property owner to repurchase the property, including a schedule of monthly and annual payments, closing costs, and any additional costs and fees related to the distressed property conditional conveyance.

1. The licensee shall maintain, as a business record, proof of having provided the written notification referenced in (b) above to the distressed property owner.

2. A purchaser in a distressed property conditional conveyance shall provide the required conveyance in the form available on the Department's website at www.dobi.nj.gov.

N.J. Admin. Code § 3:18-4.1

Amended by 53 N.J.R. 2135(d), effective 12/20/2021