Hooray! The Bulk Sales Law A-2748 was signed by Governor Christie exempting individuals, estates and trusts involved in purchasing one and two family residential properties from bulk sales notification requirements. The signing also makes the law retroactive to August 1, 2007 so that means that it’s as if the law never existed. Since this law delayed so many sales from going through, most pendings should be going through more quickly and buyers, sellers and the offices involved can all move on with their lives.
Good riddance to the Bulk Sales Law. Keep in mind if you have an LLC involved in your purchase of property the Bulk Sales Law still applies.
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