N.J. Admin. Code § 7:1J-4.2

Current through Register Vol. 56, No. 21, November 4, 2024

Section 7:1J-4.2 - Requirements for eligibility

(a) Except for claims settled under 7:1J-4.6 or 4.7, claims for diminution of property value are not eligible for compensation by the Fund unless the claimant has sold the subject properties and the administrator determines that the claimant's sale of the subject property was in good faith, based upon the appraisals made pursuant to 7:1J-4.3, 4.4 and the information submitted pursuant to 7:1J-4.5.

(b) The claimant shall list the subject property for sale with one or more licensed real estate brokers who are members of a multiple listing service (or its commercial equivalent for nonresidential property). The claimant shall so list the subject property for sale continuously, until entering into an agreement for the sale of the subject property; provided, however, that discontinuities made necessary by claimant's good faith choice to list the subject property with another broker shall not be deemed to violate this requirement. One discontinuity of less than 14 days shall presumed to be in good faith.

(c) Claimants may file a property value diminution claim with the Department prior to the sale of property.

(d) All claimants shall provide the Department with an executed copy of a contract for sale of the subject property within 30 days after signature, and shall provide the Department or its agents with access to the property to conduct an appraisal and inspection.

(e) On or after March 2, 2009, a claim for property value diminution shall not be eligible for compensation from the fund where, at the expense of the Fund, a POET has been installed and maintained at the property that is the subject of the claim, or where the property that is the subject of the claim has been connected to a public or private municipal water system at the expense of the Fund. Additionally, a claim for property value diminution shall not be eligible for compensation from the Fund where such claimant was offered, but declined, a POET or a water line connection as compensation from the Fund.

N.J. Admin. Code § 7:1J-4.2

Amended by R.1998 d.67, effective 1/20/1998.
See: 29 N.J.R. 4365(a), 29 N.J.R. 4594(a), 30 N.J.R. 336(b).
Added new (c) and (d).
Amended by R.2009 d.75, effective 3/2/2009.
See: 40 N.J.R. 5101(a), 41 N.J.R. 1019(a).
Added (e).