Is the sale of residential real property, such as single and multi-family homes and condominiums, used to obtain rental income, also covered by the bulk sale law?
A. Yes, unless the title owner is ordinarily in the business of selling such residential properties. In such a situation, however, the Division may require documentation establishing that the title owner actually conducts or is otherwise actively involved in that kind of business before exempting any particular transfer from application of the bulk sale law. Also, even property rented to family members or friends are considered business assets. Accordingly, sales of such property fall under the coverage of the bulk sales law. 47. Q. Are there any exceptions to the above answer? For example, does the bulk sale law apply to the sale of the residential property if it is only being rented for a short period of time (e.g. three months) or all or most of the property is owner-occupied with only a smaller part being rented? A. Generally, the bulk sale law, N.J.S.A. 54:50-38, applies to transactions “Whenever a person shall make a sale, transfer, or assignment in bulk of any part or the whole
Related Questions
- Is there any restriction on repatriation of sale proceeds of residential property purchased by NRI/PIO/OCB out of funds remitted to India through normal banking channel or funds held in his NRE/FCNR (B) account?
- How does someone obtain a temporary certificate of habitability for the sale of residential property and what are the requirements?
- How does someone obtain a permanent certificate of habitability for the sale of residential property?
