The Bureau of Subdivided Land Sales Control (BSLSC), within the ³Ô¹ÏºÚÁÏ Real Estate Commission, was created by statute to enforce the registration and anti-fraud provisions of the (NJSA 45:15-16.27 et seq.).
This Acts regulates the offerings of certain types of out-of-state properties, such as subdivided land sales, condominiums, and common interest ownership properties, when such offerings are conducted in, or directed into the State of New Jersey.
In January 2008, amendments to the Act were adopted. These amendments created an expedited filing procedure, known as a Secondary Registration, for those otherwise regulated non timeshare properties where a completed home exists, or there exits a contract to construct a completed home within two years from the date of contract by the seller or a related entity. More...
In November 2006, the Bureau assumed jurisdiction over timeshare offerings located in ³Ô¹ÏºÚÁÏ as well as those located out side of ³Ô¹ÏºÚÁÏ under the authority of the (NJSA 45:151-16.50, et. seq.).
These laws provide an “even playing field” for ³Ô¹ÏºÚÁÏ residents in these types of transactions by requiring developers to provide consumers with a detailed Public Offering Statement, escrow protection and a minimum seven day right to rescind a purchase without penalty.
Prior to offering such properties in ³Ô¹ÏºÚÁÏ, the developer must file a registration application and appropriate Public Offering Statement with the Bureau. The Bureau also conducts compliance checks of real estate brokers employed in interstate property and timeshare marketing, responds to consumer complaints against developers and their sales representatives, and conducts investigations into illegal and unauthorized sales promotions conducted in ³Ô¹ÏºÚÁÏ. |
