2A:56-55 Appointed broker, sale of heirs property, open-market sale.

154 words·~1 min read·/nj/title-2a/chapter-56/2a-56-55

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

11. a. Unless otherwise required to do so within a shorter time, a broker appointed under subsection b. of section 10 of this act to offer heirs property by open-market sale shall file a report with the court not later than seven days after receiving an offer to purchase the property for at least the value determined under section 6 or 10 of this act.

b. The report required by subsection a. of this section shall contain the following information:

(1)A description of the property to be sold to each buyer;

(2)The name of each buyer;

(3)The proposed purchase price;

(4)The terms and conditions of the proposed sale, including the terms of any owner financing;

(5)The amounts to be paid to lienholders;

(6)A statement of contractual or other arrangements or conditions of the broker's commission; and

(7)Any other material facts relevant to the sale.

L.2025, c.88, s.11.