New Jersey A5126 requires owners of multiple dwellings to notify tenants and tenant associations of certain sales and provides tenant associations.

New Jersey A5126 mandates that owners of multiple dwellings notify tenants and tenant associations of any intention to sell the property through a short-sale or deed in lieu of foreclosure. If at least 51% of tenant households express interest in purchasing the property, the owner must provide the tenant association with an opportunity to purchase the property. The tenant association has 60 days to submit a purchase offer, 90 days to secure financing, and 90 days to close the purchase.

New Jersey A5126 requires owners of multiple dwellings to notify tenants and tenant associations of certain sales and provides tenant associations.

New Jersey A5126 mandates that owners of multiple dwellings notify tenants and tenant associations of any intention to sell the property through a short-sale or deed in lieu of foreclosure. If at least 51% of tenant households express interest in purchasing the property, the owner must provide the tenant association with an opportunity to purchase the property. The tenant association has 60 days to submit a purchase offer, 90 days to secure financing, and 90 days to close the purchase.