2A:56-54 Sale of heirs property, circumstances, methods.
371 words·~2 min read·
/nj/title-2a/chapter-56/2a-56-54A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
10. a. If the court orders a sale of heirs property, the sale shall be an open-market sale unless the court finds that a sale by sealed bids or an auction would be more economically advantageous and in the best interest of the cotenants as a group.
b. If the court orders an open-market sale and the parties, not later than 10 days after the entry of the order, agree on a real estate broker licensed in this State to offer the property for sale, the court shall appoint the broker and establish a reasonable commission. If the parties do not agree on a broker, the court shall appoint a disinterested real estate broker licensed in this State to offer the property for sale and shall establish a reasonable commission. The broker shall offer the property for sale in a commercially reasonable manner at a price no lower than its determination of value pursuant to section 6 of this act and on the terms and conditions established by the court.
c. If the broker appointed under subsection b. of this section obtains, within a reasonable time, an offer to purchase the property for at least the determination of value:
(1)The broker shall comply with the reporting requirements in section 11 of this act; and
(2)The sale may be completed in accordance with State law other than this act.
d. If the broker appointed under subsection b. of this section does not obtain, within a reasonable time, an offer to purchase the property for at least the determination of value, the court, after hearing, may:
(1)Approve the highest outstanding offer, if any;
(2)Re-determine the value of the property and order that the property continue to be offered for an additional time; or
(3)Order that the property be sold by sealed bids or at an auction.
e. If the court orders a sale by sealed bids or an auction, the court shall set terms and conditions of the sale.
f. If a purchaser is entitled to a share of the proceeds of the sale, the purchaser is entitled to a credit against the price in an amount equal to the purchaser's share of the proceeds.
L.2025, c.88, s.10.