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NJ A836

Bill

Status

Introduced

1/9/2024

Primary Sponsor

Verlina Reynolds-Jackson

Click for details

Origin

General Assembly

2024-2025 Regular Session

AI Summary

  • Imposes a late filing fee of $10 per day (capped at $500) on residential property deed purchasers who submit deeds for recording more than 90 days after receiving them from the grantor

  • Exempts State entities from the late filing fee, and waives the fee if the delay results from the deed being held in escrow or if the county recording office is closed on the 90th day

  • Places liability for the late filing fee on agents or other parties responsible for the delay rather than the grantee if the delay is not the grantee's fault

  • Requires deeds to include a statement of the delivery date to the grantee in addition to the existing requirement of stating the true consideration for the transfer

  • Directs all late filing fee proceeds to the county's Homelessness Housing Trust Fund to combat homelessness

Legislative Description

Encourages timely recording of residential deeds.

Housing

Last Action

Introduced, Referred to Assembly Housing Committee

1/9/2024

Committee Referrals

Housing1/9/2024

Full Bill Text

No bill text available