“During his last full day as governor on Jan. 15, Gov. Chris Christie signed S-2839 into law, which amended New Jersey’s bulk sale requirements. In 2011, NJ Realtors® worked to have a new law adopted to ensure that individuals, estates, and trusts purchasing 1- family homes, condos, co-ops, and seasonal rental properties would be exempt from bulk sales notification requirements. This ensured these real estate transactions were not unnecessarily delayed, as long as they were not an LLC or other corporate entity. S-2839 now clarifies that bulk sales notification requirements do not apply to properties owned jointly by more than one individual, estate, or trust –– like an unmarried couple or siblings.
The new law took effect immediately and is retroactive to Aug. 1, 2007. NJ Realtors® is currently working to reflect these changes in our contracts.” New Jersey Realtors® Weekly, January 11,2018 – January 17, 2018