One and Two Family Homes, Condos and Co-ops Now Exempt from Bulk Sale Requirements


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9/20/2011
Samah Ghabour
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Individual buyers of single-family homes in New Jersey will no longer be required to notify the state Division of Taxation before the sale closes, according to a new law signed by Gov. Chris Christie.

In 2007, The bulk sales notification process was established to ensure that sellers pay taxes from the sale of their business assets, i.e,. their home. As the law was written, the sale of single family homes from individual sellers was made subject to the requirements, resulting in home purchasers having to file paperwork and provide 10 days notice to the state Division of Taxation for every real estate transaction, or else risk being held liable for the seller's delinquent taxes. This requirement placed another unnecessary burden on sellers and may have contributed to the decline of home sales.

In the second quarter, there were 9,156 existing home sales, down more than 23% from 11,958 in the same period last year, according to NJAR data.

Now the law has been modified to exempt one or two family homes, condos and co-ops from this requirement. Sellers who are individuals, estates, trusts or LLCs are exempt. Sellers who are corporations or partnership are not exempt.



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