Current through Register Vol. 56, No. 24, December 18, 2024
(a)
Except as provided in
N.J.A.C.
7:1I-4.7 and 4.8, within 60 days after the
signing of a binding agreement of sale and the closing of the sale for the
subject property, the claimant shall submit the following documents to the
Department:
1. Copies of all listing
agreements for the sale of the subject property;
2. Copies of all written offers to purchase
the subject property;
3. A copy of
the contract of sale of the subject property;
4. Copies of all settlement statements,
including, without limitation the Settlement sheet(s) required by the Real
Estate Settlement Procedures Act (RESPA), 12 U.S.C.A.§ 2601 et seq. and
the HUD-1 Uniform Settlement Statement form if required by 24 CFR
3500.8;
5. A copy of the deed
conveying the subject property together with a copy of the transmittal letter
forwarding the deed to the county clerk or register of deeds and mortgages for
recording;
6. An affidavit by the
claimant, signed by the person required to sign the claim and certified in
accordance with
N.J.A.C.
7:1I-1.7, stating the following:
i. The sale price of the subject property
without closing adjustments;
ii.
That neither the claimant nor any person not listed on the settlement
statements has received any money or other compensation from any person in
connection with the subject property, except as set forth on the settlement
statements; and
iii. That the
documents submitted pursuant to (a)1 through 5 above are delivered in
connection with the sale of the subject property; and
7. An affidavit by the claimant's realtor,
stating the following:
i. That the realtor is
a member of a multiple listing service, and listed the property for sale with a
multiple listing service (or its commercial equivalent, for claims involving
commercial property or other properties not normally offered for sale through a
multiple listing service);
ii. The
period of time the subject property was offered for sale, and the period of
time the property was listed for sale with the multiple listing
service;
iii. The initial listing
price;
iv. All changes in the
listing price, and the dates of such changes;
v. A record of all inquiries received from
potential purchasers regarding the subject property, and of all showings or
open houses held in the course of offering the subject property for sale,
including the names and addresses of all persons who inquired about the subject
property, were shown the subject property, or attended open houses at the
subject property, and a description of the responses of these persons to the
subject property; and
vi. A record
of the amount and date of each offer made for the purchase of the subject
property.
(b)
A determination by the Department that the claimant arrived at the sale price
in good faith shall not preclude the Department from determining that any other
aspect of the sale of the subject property was not in good faith.
(c) The Department may deny the claim or
adjust the amount eligible for compensation, if based upon the evidence
required under (a) above, the Department determines that any aspect of the sale
of the subject property was not in good faith.
