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  • NJ A2479
  • The "New Jersey Homeowners' Equity Protection Act."
Introduced
(2/4/2016)
In Committee
(2/4/2016)
Crossed OverPassedSignedDead/Failed/Vetoed
2016-2017 Regular Session
This bill, entitled the "New Jersey Homeowners' Equity Protection Act," provides New Jersey residents with a homestead exemption from attachment, execution and forced sale in an amount not exceeding $125,000. Specifically, the bill defines a "homestead" as a (1) dwelling house and the land on which that dwelling house is located which constitutes the place of the owner's domicile and is owned and used by the owner as the owner's principal residence; or (2) condominium unit or a unit in a horizontal property regime which constitutes the place of the owner's domicile and is owned and used by the owner as the owner's principal residence. The bill further defines a "principal residence" as a homestead actually and continually occupied by the owner as the owner's permanent residence, as distinguished from a vacation home, property owned and rented or offered for rent by the owner, and other secondary real property holdings. The homestead exemption automatically attaches to the owner's interest in identifiable cash proceeds from the voluntary or involuntary sale of the property and is exempt from attachment, execution and forced sale. The homestead exemption continues for 18 months from the sale of the property, or until the person establishes a new homestead with the proceeds, whichever period is shorter. The exemption arises by operation of law and no written claim or recording is required. If the owner is married, each spouse may claim a homestead exemption in an amount not exceeding $125,000, for a total married couple exemption of up to $250,000. A homestead exemption may be abandoned by a: (1) declaration of abandonment or waiver, which must be executed and acknowledged by the owner and recorded in the office of the county clerk; (2) transfer of the homestead property by deed or conveyance or contract for conveyance; or (3) permanent removal, exceeding two years, of the owner as a resident of this State. The homestead exemption provided pursuant to the bill shall not affect or apply to attachments, executions and sales in connection with: (1) government liens, including, but not limited to, taxes, special assessments or charges for other government services that, under State law, are senior liens; (2) voluntarily created liens, including, but not limited to, mortgages and liens secured by real property; (3) liens created pursuant to the "Construction Lien Law," P.L.1993, c.318 (C.2A:44A-1 et al.); and (4) court judgments concerning fraud, fraudulent transfers or conveyances, duress, or fraud, deceit or manipulation in a fiduciary capacity.
Not specified
Introduced, Referred to Assembly Housing and Community Development Committee  (on 2/4/2016)
 
 

Date Chamber Action Description
2/4/2016 A Introduced, Referred to Assembly Housing and Community Development Committee
Date Motion Yea Nay Other
None specified