New Jersey A5105 restricts resale of public property for 10 years and bans deed restrictions on commercial property use.

New Jersey A5105 mandates that any real property sold by a public body to a private party cannot be resold for 10 years unless the buyer agrees to pay the prevailing wage rate for construction work. The bill also voids deed restrictions that prevent commercial real property from being used for the same purpose as the seller used it. This act applies to properties sold and deeds entered into after the bill's effective date.

New Jersey A5105 restricts resale of public property for 10 years and bans deed restrictions on commercial property use.

New Jersey A5105 mandates that any real property sold by a public body to a private party cannot be resold for 10 years unless the buyer agrees to pay the prevailing wage rate for construction work. The bill also voids deed restrictions that prevent commercial real property from being used for the same purpose as the seller used it. This act applies to properties sold and deeds entered into after the bill's effective date.