110 South St, Morristown Town Active | 2 Bed | 3 Bath | One Floor Unit | $899,000

16 Woods Edge Dr, Roxbury Twp. Active | 2 Bed | 2 Bath | Townhouse-End Unit, Multi Floor Unit | $222,500

68 N Hillside Ave, Chatham Boro Active | 3 Bed | 3 Bath | Colonial | $579,000

N/A, Harding Twp. Active | 3 Bed | 3 Bath | Contemporary, Custom Home | $1,200,000

40 W Park Place Unit 402, Morristown Town Active | 2 Bed | 2 Bath | One Floor Unit | $699,000

Bulk Sales Changes

Posted by Justin Kiliszek on Wednesday, September 21st, 2011 at 11:48am.

New Jersey's Bulk Sale Act Revised.

On September 14, 2011, Governor Christie signed A2748 into law which modifies N.J.S.A. 54:50-38. Under the modified statute the sale of one or two family homes, condominium units or cooperative apartments will not be subject to the NJ Bulk Sale reporting requirements if the seller meets certain requirements. This exemption includes "seasonal rental properties" defined as property rented for less than 125 consecutive days for residential purposes by a person having a permanent place of residence other than the rental property. The new law is retroactive to August 1, 2007, resulting in qualifying sales from that date forward not being subject to bulk sale reporting requirements.

The Seller must be an individual, estate, or trust to enjoy the exemption. Other business entities including LLC's remain subject to bulk sale reporting requirements. In addition, if the structure contains more than two units or includes commercial space, the exemption does not apply.

Bulk Sale reporting requirements with respect to all other commercial properties remain the same.

For a copy of the new legislation, a link to the State site is included below.

http://www.njleg.state.nj.us/2010/Bills/A3000/2748_R2.PDF

Transaction specific questions should be directed to the Bulk Sale Section of the NJ Division of Taxation at (609) 292-6604.

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