Bulk Sales Act

White and Red Home For Sale Real Estate Sign Over Beautiful Clouds and Sunset Sky.

Do you know if the sale of your client’s property falls under the bulk sales requirements?

In 2011, NJ┬áRealtors┬« initiated and strongly supported legislation that exempted individuals, estates and trusts involved in purchasing one- and two-family residential properties, condo units, cooperatives and seasonal rental properties from the bulk sales notification requirements. LLC’s and other corporate ownership structures involved in real estate transactions are still subject to bulk sales requirements. In addition, the law is retroactive to August 1, 2007, meaning that any transactions taking place between that date and September 14, 2011 were in essence, never subject to bulk sales requirements.