S.2562

New Jersey S2562 allows sellers to refund excess fees on certain real property transfers executed before July 10, 2025.

New Jersey S2562 amends the law to permit sellers of real property to apply for a refund of additional fees paid in excess of one percent of the consideration, provided the transfer was pursuant to a contract executed before July 10, 2025. This applies to real property transfers with consideration exceeding $1 million. The bill removes the requirement for the deed to be recorded by November 15, 2025, and allows sellers to claim a refund by filing a claim with the New Jersey Division of Taxation within one year of the deed's recording.