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Current as of January 01, 2024 | Updated by Findlaw Staff
a. When a person other than the municipality or the authority or its subsidiaries acquires a tax sale certificate for a property on the abandoned property list at tax sale, the purchaser may institute an action to foreclose the right of redemption at any time after the expiration of six months following the date of the sale of the tax sale certificate.
b. Notwithstanding section 6 of P.L.1948, c. 96 (C.54:5-104.34), when the municipality is the purchaser at tax sale of any property on the abandoned property list pursuant to R.S. 54:5-34, or when the authority or any of its subsidiaries acquires the tax sale certificate pursuant to subsection a. of section 37 of P.L.1996, c. 62 (C. 55:19-56), an action to foreclose the right of redemption may be instituted in accordance with the provisions of subsection b. of R.S. 54:5-77.
c. After the foreclosure action is instituted, the right to redeem shall exist and continue to exist until barred by the judgment of the Superior Court; provided, however, that no redemption shall be permitted except where the owner:
(1) posts cash or a bond equal to the cost of remediating the conditions because of which the property was determined to be abandoned pursuant to section 36 of P.L.1996, c. 62 (C. 55:19-55), as determined by the court; or
(2) demonstrates to the court that the conditions because of which the property was determined to be abandoned pursuant to section 36 of P.L.1996, c. 62 (C. 55:19-55) have been remedied in full.
Cite this article: FindLaw.com - New Jersey Statutes Title 55. Tenement Houses and Public Housing 55 § 19-58 - last updated January 01, 2024 | https://codes.findlaw.com/nj/title-55-tenement-houses-and-public-housing/nj-st-sect-55-19-58/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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