New Jersey A5143 restricts institutional investors from bidding on or purchasing single-family homes during the first 75 days they are on the market.
New Jersey A5143 restricts certain institutional investors from placing bids or purchasing single-family homes during the first 75 days they are on the market. Institutional investors must file an annual report with the Director of the Division of Taxation in the Department of the Treasury. Violations of this restriction result in a civil penalty of $20,000 to $40,000 per violation, plus fees and expenses. The bill exempts certain nonprofit organizations, family trusts, small institutional investors, financial institutions, governmental authorities, and others from these restrictions.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.