Bill > S860

This bill provides an alternative process for handling partition actions filed in court concerning real property with multiple owners, at least one of whom had acquired title from a relative. The key provisions are: 1. The court must determine if the property is "heirs property" based on certain criteria, such as whether 20% or more of the interests are held by relatives or by someone who acquired the property from a relative. If so, the court must appoint a special master and may appoint a commissioner to partition the property under the process set forth in this act, unless all cotenants agree otherwise. 2. The special master directs the determination of the property's fair market value through a licensed appraiser, and the parties can object to the appraisal. 3. Cotenants who did not request partition by sale are given the opportunity to buy out the interests of those who did, at the determined fair market value. 4. If the buyout does not occur, the court must order partition in kind unless it would result in great prejudice, considering factors like the property's divisibility and the cotenants' attachment to it. If partition in kind is not ordered, the court must order a sale. 5. The sale process involves an open-market sale unless the court finds a sealed bid or auction would be more economically advantageous. Reporting requirements are established for the court-appointed broker.

Justice

https://www.njleg.state.nj.us/bill-search/2022/S860