New Jersey Online Foreclosure Sale Act permits online foreclosure sales for real property.

The New Jersey Online Foreclosure Sale Act allows for electronic, online foreclosure sales of real property. It mandates that sheriffs or authorized officers publish notice of the sale online and in newspapers. The act permits online bidding, requires identity verification for bidders, and sets a maximum fee of $1,000 per auction. It also allows for the purchase of residential properties with a 3.5% deposit and outlines procedures for tenants and nonprofit community development corporations to bid on properties. The act aims to increase participation and potentially higher sale prices.

New Jersey Online Foreclosure Sale Act permits online foreclosure sales for real property.

The New Jersey Online Foreclosure Sale Act allows for electronic, online foreclosure sales of real property. It mandates that sheriffs or authorized officers publish notice of the sale online and in newspapers. The act permits online bidding, requires identity verification for bidders, and sets a maximum fee of $1,000 per auction. It also allows for the purchase of residential properties with a 3.5% deposit and outlines procedures for tenants and nonprofit community development corporations to bid on properties. The act aims to increase participation and potentially higher sale prices.