{"data":{"id":"us-nj/n.j.-stat.-2a-56-54","jurisdiction":"us-nj","citation":"N.J. Stat. § 2A:56-54","heading":"Sale of heirs property, circumstances, methods.","body":"10. a. If the court orders a sale of heirs property, the sale shall be an open-market sale unless the court finds that a sale by sealed bids or an auction would be more economically advantageous and in the best interest of the cotenants as a group.\nb.\tIf the court orders an open-market sale and the parties, not later than 10 days after the entry of the order, agree on a real estate broker licensed in this State to offer the property for sale, the court shall appoint the broker and establish a reasonable commission.  If the parties do not agree on a broker, the court shall appoint a disinterested real estate broker licensed in this State to offer the property for sale and shall establish a reasonable commission.  The broker shall offer the property for sale in a commercially reasonable manner at a price no lower than its determination of value pursuant to section 6 of this act and on the terms and conditions established by the court.\nc.\tIf the broker appointed under subsection b. of this section obtains, within a reasonable time, an offer to purchase the property for at least the determination of value:\n(1)\tThe broker shall comply with the reporting requirements in section 11 of this act; and\n(2)\tThe sale may be completed in accordance with State law other than this act.\nd.\tIf the broker appointed under subsection b. of this section does not obtain, within a reasonable time, an offer to purchase the property for at least the determination of value, the court, after hearing, may:\n(1)\tApprove the highest outstanding offer, if any;\n(2)\tRe-determine the value of the property and order that the property continue to be offered for an additional time; or\n(3)\tOrder that the property be sold by sealed bids or at an auction.\ne.\tIf the court orders a sale by sealed bids or an auction, the court shall set terms and conditions of the sale.\nf.\tIf a purchaser is entitled to a share of the proceeds of the sale, the purchaser is entitled to a credit against the price in an amount equal to the purchaser's share of the proceeds.\nL.2025, c.88, s.10.","path":["TITLE 2A ADMINISTRATION OF CIVIL AND CRIMINAL JUSTICE"],"source_url":"https://pub.njleg.state.nj.us/statutes/STATUTES-TEXT.zip","current_through":"P.L.2025, c.405, and J.R.22","vintage":"","retrieved_at":"2026-08-27T17:54:13Z","sha256":"452a02f1b9b025d2699f00ad85b16a66cb0f3f9331c96264a12622ed7f88b20b","source_id":"us-nj","stale":true,"prev":"us-nj/n.j.-stat.-2a-56-53","next":"us-nj/n.j.-stat.-2a-56-55"},"notice":"GroundRules: Original legal text. Not legal advice."}