SENATE, No. 1233

STATE OF NEW JERSEY

215th LEGISLATURE

 

INTRODUCED JANUARY 30, 2012

 


 

Sponsored by:

Senator  JOSEPH F. VITALE

District 19 (Middlesex)

 

 

 

 

SYNOPSIS

     Requires certain owners of foreclosed property to file contact information with municipality and common interest community.

 

CURRENT VERSION OF TEXT

     As introduced.

  


An Act requiring an owner taking title to certain residential property through sheriff’s sale to register with the municipality and any association or common interest community and 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 , 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), shall provide notice, within 10 business days, to the municipal clerk, or any other designated municipal official, of the municipality wherein the property is located , 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.), 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.

 

 

STATEMENT

 

     This bill requires an owner who takes title to a residential property through either a sheriff’s sale or a deed in lieu of foreclosure to provide the municipality where the property is located, and any association or common interest community of which the residential property is a part, with the owner’s contact information, within 10 business days. The bill excludes from this requirement an owner who has previously provided notice to the municipality as a creditor serving a summons and complaint in an action to foreclose pursuant to section 17 of P.L.2008, c.127 (C.46:10B-51). If the owner does not reside in New Jersey, then the owner shall designate a representative who is authorized to accept service of process on behalf of the owner and provide the representative’s contact information to the municipality.