New Jersey § app:a-46

§ app:a-46.

Every hereafter recorded agreement for the sale or purchase of real estate situate

in this state shall be absolutely void as against subsequent judgment creditors of

the vendor and as against subsequent purchasers and mortgagees for value of such real

estate, unless the vendee, his heirs, executors, administrators or assigns, shall

commence an action for the specific performance of such agreement, or for its rescission,

or for the violation of any of the covenants therein contained, and shall file a notice

of the pendency of such action in the office of the county recording officer of the

county in which the affected real estate is situate, setting forth the title of the

cause and the general object thereof, together with a description of the real estate

to be affected thereby, (a) within three months after the date fixed in such agreement

for its consummation, or (b) if no date shall be fixed in such agreement for its consummation,

within three months after the date of such agreement, or (c) if the consummation of

such agreement shall be extended by the parties thereto, before the date fixed therein

for its consummation, beyond the date so fixed, and such extension shall be duly acknowledged

and recorded as agreements for the sale of land are required to be acknowledged and

recorded in order to give them the effect of notice to subsequent judgment creditors,

purchasers and mortgagees, within three months after the date fixed in such extension

for the consummation of such agreement, or (d) upon the death of the vendor or vendors

or one or more of them within any such periods of three months, within three months

after such death. If the plaintiff or complainant in any such action does not take steps to prosecute

the same within six months after the filing of such notice, the chancellor or court

in which such action is commenced may, upon application by any interested party, and

upon notice to the plaintiff or his attorney or the complainant or his solicitor,

declare the filing of such notice to be null and void and of no effect, and that the

real estate mentioned in such notice shall be and remain discharged of all equities

or claims founded on such agreement.