New Jersey § 46:10b-61
Full text of New Jersey New Jersey Statutes § 46:10b-61, with citation guidance and answers to common questions.
§ 46:10b-61.
a. In addition to any other right of rescission provided by applicable State or federal
laws, the owner has the right to cancel a distressed property conditional conveyance
contract or a distressed property conveyance contract with a distressed property purchaser
until midnight of the 10th business day following the day on which the owner signs
the contract, or until the conclusion of a sheriff's sale pursuant to the provisions
of the “Fair Foreclosure Act,” P.L.1995, c. 244 ( C.2A:50-53 et seq. ), whichever occurs first, during which the owner may have an attorney review the
contract. b. Cancellation of the contract occurs when the owner, or an attorney representing
the owner, delivers, by any means, written notice of cancellation to the address specified
in the contract. Notice of cancellation, if given by mail, is effective when deposited in the mail
properly addressed with postage prepaid. Notice by certified mail, return receipt requested, to the address specified in
the contract, shall be conclusive proof of notice of cancellation. c. A notice of cancellation given by the owner, or an attorney representing the owner,
need not take the particular form as provided with the contract, and however expressed,
is effective if it indicates the intention of the owner not to be bound by the contract. d. Within 10 business days following receipt of a notice of cancellation delivered
in accordance with this section, the distressed property purchaser shall return to
the owner, without condition, any original contract and any other documents signed
by the owner. e. The 10 business days during which the owner, or an attorney representing the owner,
may cancel the contract shall not begin to run until all parties to the contract have
executed the contract and the distressed property purchaser has complied with all
the requirements of this section.
Frequently Asked Questions About New Jersey § 46:10b-61
What does New Jersey Statutes § 46:10b-61 cover?
Section 46:10b-61 is part of the New Jersey Statutes, the codified statutory law of New Jersey. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Jersey § 46:10b-61?
A common citation format is "New Jersey Statutes § 46:10b-61" (New Jersey). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Jersey law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Jersey official source linked on this page or consult a licensed New Jersey attorney.
How does New Jersey § 46:10b-61 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Jersey can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Jersey.