NJ A4973

Extends the timeframe for resident homeowners to respond to purchase offers from 45 days to 120 days, and reduces the consent threshold from two-thirds to 51 percent of resident homeowners needed to approve a community purchase

Requires manufactured home park landowners to notify the Department of Community Affairs, municipal officials, nonprofit housing organizations, and all resident homeowners by certified mail when offering the property for sale or considering a bona fide purchase offer

Establishes confidentiality protections for nonpublic information exchanged during purchase negotiations, with violations subject to injunctive relief, damages, and attorney's fees

Allows resident homeowner groups to designate up to seven representatives, assisted by legal and professional counsel, to negotiate purchase terms with landowners

Requires purchase contracts to include a financing contingency of at least 90 days and permits landowners to require refundable earnest money deposits up to $50,000