New Jersey S4777 requires the State Agriculture Development Committee and local boards to provide partial payment to landowners in advance of.
New Jersey S4777 amends farmland preservation laws to require the State Agriculture Development Committee and local boards to award a good faith advance payment to landowners before settlement, demonstrating intent to proceed with the acquisition of development easements or fee simple titles for farmland preservation. The advance payment, equal to 20% of the appraised fair market value or final negotiated purchase price, is disbursed in a lump sum or installments. If settlement does not occur, the landowner must repay the advance payment.
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