N.J. Admin. Code § 7:1I-4.2

Current through Register Vol. 56, No. 23, December 2, 2024

Section 7:1I-4.2 - Requirements for eligibility

(a) Except for claims settled under 7:1I-4.6 or 4.7, claims for diminution of property value are not eligible for compensation by the Fund unless the claimant has sold the subject property and the Department determines that the claimant's sale of the subject property was in good faith, based upon the appraisals made pursuant to 7:1I-4.3 and the information submitted pursuant to 7:1I-4.5.

(b) Within 30 days after filing the claim, the claimant shall list the subject property for sale with one or more licensed real estate brokers who are members of a multiple listing service (or its commercial equivalent, for nonresidential property). The claimant shall so list the subject property for sale continuously, until entering into an agreement for the sale of the subject property; provided however, that discontinuances made necessary by the claimant's good faith choice to list the subject property with another broker shall not be deemed to violate this requirement. One discontinuity of less than 14 days shall be presumed to be in good faith.

(c) Claimants may file a property value diminution claim with the Department prior to the sale of property provided that the claimant states that the property will be placed on the market for sale within 30 days after filing the claim.

(d) All claimants shall provide the Department with an executed copy of a contract for sale of the subject property within 30 days after signature, and shall provide the Department or its agents with access to the property to conduct an appraisal and inspection.

N.J. Admin. Code § 7:1I-4.2

Amended by R.1999 d.91, effective 3/15/1999.
See: 30 N.J.R. 4157(a), 31 N.J.R. 763(a).
Added (c) and (d).