N.J. Admin. Code § 7:1J-4.8

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

Section 7:1J-4.8 - Contract for sale of property entered into before filing of claim

(a) If a claimant has entered into a contract for the sale of property before filing a property value diminution claim with respect to such property, the administrator may, in his or her discretion, settle such a claim in accordance with this section.

(b) Claims made pursuant to this section shall be eligible for compensation only to the extent provided in 7:1J-4.1, and only if the subject property satisfies the eligibility requirements set forth in 7:1J-4.2.

(c) Subject to the limitation in 7:1J-4.1, the administrator shall determine the amount of the settlement offer pursuant to 7:1J-4.4.

(d) Together with the claim (or, if the claim is made before closing of the sale of the subject property, within 10 days after closing), the claimant shall submit to the Department all documents required pursuant to 7:1J-4.5; provided, however, that the Department may, in its discretion, refrain from requiring submission of the documents normally required under 7:1J-4.5(a)1 and 4.5(a)7.

N.J. Admin. Code § 7:1J-4.8