{"data":{"id":"us-nj/n.j.-stat.-46-8c-12","jurisdiction":"us-nj","citation":"N.J. Stat. § 46:8C-12","heading":"Right of homeowners on offer to buy.","body":"3.  a.  If a private residential leasehold community landowner receives a bona fide offer to purchase the land that the landowner intends to consider or make a counteroffer to, the landowner shall notify the department, the municipal clerk and the mayor or other chief executive officer of the municipality in which the private residential leasehold community is located, the persons and entities on the list published and maintained by the department pursuant to section 2 of P.L.2025, c.362 (C.46:8C-12.1), and each resident homeowner. The notifications required pursuant to this subsection shall be by certified mail, return receipt requested, except that the notification to the resident homeowners shall be by certified mail, return receipt requested, by first-class mail with tracking, and by delivery to each manufactured home on the property.  The landowner shall not conclude any agreement to sell the land until after the 120-day period specified by subsection c. of this section has elapsed, but the landowner may negotiate with other potential purchasers and may accept an offer for the sale of a private residential leasehold community before giving the notice and purchase opportunity required by this section or during the 120-day period specified by subsection c. of this section, provided that the purchase agreement is conditioned upon providing the notice and purchase opportunity pursuant to P.L.2025, c.362 (C.46:8C-12.1 et al.).  The notice required by this subsection shall include:\n(1)  a statement advising the recipient of the intended sale of the community;\n(2)  a statement of the resident homeowners' rights pursuant to P.L.2025, c.362 (C.46:8C-12.1 et al.) and the deadlines for exercising such rights; and\n(3)  the price, terms, and conditions of the offer the landowner intends to consider or make a counteroffer to, or a copy of such offer or a conditional purchase contract.  In the case of a proposed sale, in a single transaction, of more than one private residential leasehold community, or a manufactured home community and one or more other non-related properties, the notice shall state both the aggregate price and the price of the private residential leasehold community in which the resident homeowners receiving the notice reside.\nb.\tUpon receipt of a notice mailed pursuant to subsection a. of this section, the resident homeowners may select and designate up to seven representatives, who may be assisted by legal and other professional and technical counsel, to receive from the landowner any additional information necessary to evaluate the possibility of purchasing the private residential leasehold community, and to negotiate the terms upon which the landowner would be willing to sell the private residential leasehold community to the resident homeowner group.  The representatives and their assistants shall be pledged to maintain in confidence any information disclosed to them by the landowner in the course of such negotiations.  If any such representative or assistant fails to maintain that confidence, the landowner may bring an appropriate action at law for damages or seek an appropriate equitable remedy.\nc.\tNot later than the 120th day next following the mailing of the notice required by subsection a. of this section, or following a period of extension agreed to by the resident homeowner designees and the landowner, a resident homeowner group may deliver to the landowner a proposed purchase agreement for the private residential leasehold community land, along with a statement that 51 percent or more of the resident homeowners consent to the submission of the purchase agreement, with multiple resident owners of a home having a single vote.  A resident homeowner may indicate consent to the purchase by signing a petition or any other document that so indicates the resident homeowner’s consent.  In the absence of any agreement between the landowner and the resident homeowners, the landowner shall be deemed to agree to such sale upon the identical terms stated in the notice required by subsection a. of this section, with reasonable financing contingency of at least 90 days, and, at the landowner’s option, a refundable earnest money requirement of up to $50,000.\nd.\tThis section applies regardless of whether the landowner has previously provided one or more notices required pursuant to section 2 of P.L.1991, c.483 (C.46:8C-11).\ne. (1) As used in this subsection:\n“Confidential information” means all nonpublic information of any type or character provided by a disclosing party to a receiving party in the course of any discussions, negotiations, and due diligence related to a transaction pursuant to subsection b. of this section, regardless of whether the disclosing or receiving party is a landowner, resident homeowner group, or a resident homeowner residing in the private residential leasehold community.  “Confidential information” shall not mean information:\n(a)\tdisclosed for the purposes of obtaining legal advice and other professional and technical counsel to facilitate the discussions, negotiations, or due diligence related to a transaction pursuant to subsection b. of this section;\n(b)\tthat becomes generally available to the public or any other person through no fault of the receiving party, after the exercise of reasonable precautions by the receiving party to protect such information, using the same reasonable precautions that the receiving party uses to prevent the unauthorized use, disclosure, dissemination, or publication of the receiving party’s own confidential information;\n(c)\tthat is disclosed with the prior written consent of the disclosing party;\n(d)\tthat was lawfully in the possession of the receiving party prior to receipt from the disclosing party;\n(e)\tthat can be established by competent, public information lawfully within the possession of the receiving party; or\n(f)\tfor which, notwithstanding paragraph (4) of this subsection to the contrary, the disclosure results in harmless error.\n“Disclosing party” means a landowner, or a resident homeowner group or resident homeowner residing in a private residential leasehold community, which provides or discloses confidential information to the receiving party.\n“Parties to the transaction” means a landowner, and a resident homeowner group and resident homeowner residing in a private residential leasehold community, which are involved, directly or indirectly, in the course of any discussions, negotiations, and due diligence related to a transaction pursuant to subsection b. of this section.\n“Receiving party” means a landowner, or a resident homeowner group or resident homeowner residing in a private residential leasehold community, which receives confidential information from the disclosing party.\n(2)\tA receiving party shall not disclose confidential information to any person or business entity other than the disclosing party.\n(3)\tA receiving party:\n(a)\tshall only use confidential information of the disclosing party for the internal evaluation of the feasibility and desirability of the transaction;\n(b)\tshall hold confidential information of the disclosing party in strict confidence and take reasonable precautions to protect such information, using the same reasonable precautions that the receiving party uses to prevent the unauthorized use, disclosure, dissemination, or publication of the receiving party’s own confidential information; and\n(c)\tmay agree, following a validly executed contract with the disclosing party, to impose additional contractual obligations or provide exceptions to unlawful disclosure of confidential information pursuant to, and which would otherwise constitute a violation of, this subsection.\n(4)\tBy entering into a contract for the sale of the private residential leasehold community pursuant to subsection b. of this section, the parties to the transaction agree that the disclosure, use, dissemination, or publishing of confidential information by a receiving party in violation this subsection shall constitute irreparable harm suffered by a disclosing party, and such a violation shall entitle the disclosing party to injunctive relief, in addition to all other rights or remedies available in law or in equity, including reasonable attorney’s fees and courts costs, in a court of competent jurisdiction where the private residential leasehold community is located.\nL.1991,c.483,s.3; amended 1995,c.365,s.3; 2025, c.362, s.4.","path":["TITLE 46 PROPERTY"],"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":"c87b2d0601a5d53c3461ca695734bbe9a28d8f70de5fe31d9b2c88f405ddcb48","source_id":"us-nj","stale":true,"prev":"us-nj/n.j.-stat.-46-8c-11","next":"us-nj/n.j.-stat.-46-8c-12.1"},"notice":"GroundRules: Original legal text. Not legal advice."}