S 3404
The "Real Estate Installment Contract Act."
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- Passed Senate
- Passed General Assembly
- To Governor
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Bill overview
The "Real Estate Installment Contract Act" establishes rules for real estate installment contracts in New Jersey. It requires contracts to include specific disclosures about the property, purchase price, and financing terms. The act also outlines procedures for sellers to enforce the contract in case of a buyer’s default, 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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