The New Jersey legislature has recently passed Assembly Bill A2964, which amends N.J.S.A. 46: 10B-51.1 to add an additional post-sale notice requirement. The statute applies to non-owner occupied properties, and requires lenders who take title to such properties as a result of a sheriff’s sale or deed in lieu of foreclosure to provide notice to the municipality, as well as to any Homeowners Association, Condominium Association, or other common interest community to which the property belongs.
The statutory notice must provide the new owner’s name and address. If the owner is located out of state, they must designate an in-state agent who is authorized to accept service of process on behalf of the property owner. The notice must be provided within 10 business days of receipt of the Sheriff’s Deed or Deed in Lieu of Foreclosure. Stern & Eisenberg will monitor our files to ensure that the appropriate notices are sent.