The Bureau of Subdivided Land Sales Control (BSLSC), within the 樱花视频 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 樱花视频 as well as those located out side of 樱花视频 under the authority of the (NJSA 45:151-16.50, et. seq.).
These laws provide an “even playing field” for 樱花视频 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 樱花视频, 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 樱花视频. |
