An Act requiring 1an1 owner taking title to certain residential property through sheriff’s sale to register with 1the1 municipality and 1any association or common interest community and1 supplementing Title 46 of the Revised Statutes.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. The owner of any non-owner occupied residential property who takes title to the property as the result of a sheriff’s sale or deed in lieu of foreclosure 1, other than an owner who has previously provided notice to the municipality pursuant to section 17 of P.L.2008, c.127 (C.46:10B-51),1 shall provide notice, within 1[three] 101 business days, to the municipal clerk, or any other designated municipal official, of the municipality wherein the property is located 1, and to any association or common interest community, of which the residential property is a part, governed by the “Horizontal Property Act,” P.L.1963, c.168 (C.46:8A-1 et seq.), the “Condominium Act,” P.L.1969, c.257 (C.46:8B-1 et seq.), or “The Planned Real Estate Development Full Disclosure Act,” P.L.1977, c.419 (C.45:22A-21 et seq.),1 providing the name and address of the owner. If the owner is not located within New Jersey, then the owner shall designate an agent within New Jersey, including the agent’s address, who is authorized to accept service of process on behalf of the property owner.
2. This act shall take effect immediately.
Requires certain owners of foreclosed property to file contact information with municipality and common interest community.