New Jersey § 46:10b-64
Full text of New Jersey New Jersey Statutes § 46:10b-64, with citation guidance and answers to common questions.
§ 46:10b-64.
A distressed property purchaser, in the course of a distressed property conveyance,
shall not fail to: a. make a payment to the owner at the time the title to the distressed property is
conveyed from the owner to the distressed property purchaser, so that the owner has
received consideration, as defined by paragraph (2) of subsection c. of section 11
of this act, in an amount of at least 82% of the property's fair market value; b. have all documents executed as part of a distressed property conveyance also signed
by a notary public licensed in the State who is unrelated in any way to the distressed
property purchaser or any participant in the distressed property conveyance; c. complete a distressed property conveyance in the office of a title insurance producer
licensed pursuant to the “New Jersey Insurance Producer Licensing Act of 2001,” P.L.2001, c. 210 ( C.17:22A-26 et seq. ), or in the office of an attorney licensed to practice law in the State; d. provide to the owner, prior to the time of completion of a distressed property
conveyance, a disclosure statement in a form to be designed and prescribed by regulation
by the Commissioner of Banking and Insurance, which statement shall require disclosure
to the owner of all costs and fees that the owner will incur in connection with the
conveyance; e. notify in writing all existing mortgage lien holders of the distressed property
purchaser's intent to accept conveyance of an interest in the property from the owner; f. fully comply with all terms and conditions contained in the mortgage lien documents,
including but not limited to due-on-sale provisions; and g. satisfy all qualification requirements for assuming the repayment of the mortgage.
Frequently Asked Questions About New Jersey § 46:10b-64
What does New Jersey Statutes § 46:10b-64 cover?
Section 46:10b-64 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-64?
A common citation format is "New Jersey Statutes § 46:10b-64" (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-64 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.