Aiming to prevent unnecessary complications in real estate transactions caused by delayed filing of residential deeds, three Assembly Democrats sponsor a bill that would establish a penalty for late submissions. The legislation was advanced by the Assembly Housing Committee Thursday.
Under the bill (A-3396), anyone who waits more than 90 days to submit a residential deed to their county after purchasing property would be charged a late filing fee of $10 a day for each day after the deadline. The total fine could amount to $500.
Proceeds from these fines would be dedicated to the county’s Homelessness Housing Trust Fund or go towards combatting homelessness in general, if the county does not have a specific fund.
Upon the bill advancing, sponsors Verlina Reynolds-Jackson, Anthony Verrelli (both D-Hunterdon, Mercer) and Nancy Pinkin (D-Middlesex) issued the following joint statement:
“Waiting a long time to file residential deeds can be harmful to the real estate market as a whole and even invalidate certain transactions. This bill is also an important step in addressing vacant properties and blight in our neighborhoods. Clear records of ownership can help municipalities better track abandoned properties. Implementing a late filing fee will encourage buyers to complete this necessary paperwork in a responsible and timely manner. It is appropriate for proceeds from the fee to be used to combat homelessness in the State.”