exempting certain homes and seasonal rentals from the bulk sale notification

requirements, amending P.L. 2007, c. 100. The newly passed legislation

exempts certain sales, transfers or assignments of a simple dwelling house if

the Seller, transferrer or assignor is an "individual", "estate" or "trust" as

those terms are used for purposes of the New Jersey Gross Income Tax Act,

N.J.S. 54A:1-1 et seq. The law took effect immediately and applies

retroactively to sales, transfers and assignments on or after August 1, 2007.

Note: Sales, transfers, and assignments by business entities, including but

not limited to, corporations or partnerships remain subject to the bulk sales

notification requirements.

The Land Use and Real Property Committee of the Ocean County Bar

Association originated a Resolution approved and circulated by the Trustees

of the Bar Association which supported this legislation. Its passage provides

greater clarity to the existing statutory requirements and expedites countless

sales throughout Ocean County.

Click on the below to read the entire text of the newly signed legislation:

www.oceancountybar.org/docs/Bulk Sales Exemption Statute.pdf