NJ: Onerous Real Estate Rule Repealed

Gay New Jersey Real EstateThe real estate industry was gleeful this past week, especially in oceanfront towns, after Realtors succeeded in getting the state to ease a regulation that was interfering with home sales.

“This was huge. I can’t even begin to tell you how many deals it killed,” said Nicholas Marotta, president of the Ocean City Board of Realtors.

The rule, which will no longer apply to sales of single-family and duplex homes, requires businesses to give the state advance notice of unusual asset sales. That allows the state to seek any taxes owed by the business and to require an escrow account for possible payment of taxes before the sale is closed.

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Full Story from the Press of Atlantic City

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