A 4686
The "Real Estate Installment Contract Act."
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- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Bill overview
The "Real Estate Installment Contract Act" establishes requirements for real estate installment contracts in New Jersey. It mandates that contracts be in writing and include specific disclosures about the property, purchase price, and any associated fees. The act also outlines procedures for sellers to follow when a purchaser defaults, including providing a written notice and potentially pursuing foreclosure through the ‘Fair Foreclosure Act.’ Finally, it clarifies that New Jersey’s usury laws apply to these contracts.
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