New Jersey S4215 restricts resale of certain real property formerly owned by a public body and bans deed restrictions limiting commercial use.

New Jersey S4215 mandates that 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 for specified work. It also voids deed restrictions that limit the commercial use of the property to the same purpose as the seller's use. The act applies to properties sold and deeds entered into after its effective date.

New Jersey S4215 restricts resale of certain real property formerly owned by a public body and bans deed restrictions limiting commercial use.

New Jersey S4215 mandates that 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 for specified work. It also voids deed restrictions that limit the commercial use of the property to the same purpose as the seller's use. The act applies to properties sold and deeds entered into after its effective date.