Bulk sales law signed

TRENTON – In the hope of boosting home sales in the state, Gov. Chris Christie signed a bill that would theoretically cut red tape in order to ease the individual sale of homes and seasonal rentals by providing an exemption from New Jersey’s bulk sales notification process.

The bill he signed today, A2748/S2313, essentially frees homebuyers in certain situations from being held liable for taxes owed by the seller.

New Jersey established a bulk sales notification process in 2007 to enable it to collect taxes owed by businesses before leaving the state, or be disposed of a large portion of assets.

Because of how the law was written, the administration stated, the sale of single-family homes from individual sellers was made subject to the requirements, which inadvertently resulted in home buyers having to file paperwork and provide a 10-day notice to the Division of Taxation for every real estate transaction, or else risk being held liable for the seller’s delinquent taxes.

Under the new law,  the sale by individual sellers of any dwelling unit, primarily one- and two- family homes, will no longer be subject to the bulk sales notification requirements.

The bills were sponsored by Assembly members Patrick Diegnan, Gary Schaer, Pamela Lampitt, and Jack Conners and Sens. Jeff Van Drew and Sean T. Kean.

 

Bulk sales law signed