New Jersey Escrow Agreement for Bulk Sale Pursuant to the Uniform Commercial Code
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How to fill out Escrow Agreement For Bulk Sale Pursuant To The Uniform Commercial Code?
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FAQ
The New Jersey Bulk Sale Act (N.J.S. -38) (the ?Bulk Sale Act?) applies to many types of transactions and can expose purchasers, transferees and assignees (each a ?Purchaser?) to all of a seller's State tax liabilities.
The purpose of the Bulk Sale Statute is to protect a purchaser from inheriting any tax debt from a seller of business assets. A bulk sale is the sale (or transfer or assignment) of an individual's or company's business asset/s, in whole or in part, outside of the ordinary course of business.
No, you do not need a license to wholesale New Jersey real estate. Wholesaling houses in New Jersey is legal if the wholesaler stays within state law. Remember that a wholesaler without a New Jersey real estate license can only market/sell their equitable right to purchase the property, NOT the property itself.
A bulk sales escrow is a financial agreement whereby a firm's revenues and/or inventories are held in escrow until creditors' claims have been satisfied. Funds or assets held in escrow are temporarily transferred to and held by a third party, usually on behalf of a buyer and seller to facilitate a transaction.
The purpose of the Bulk Sale Statute is to protect a purchaser from inheriting any tax debt from a seller of business assets. A bulk sale is the sale (or transfer or assignment) of an individual's or company's business asset/s, in whole or in part, outside of the ordinary course of business.
The current bulk sales law, N.J.S.A. -38, applies to any sale, transfer or assignment in bulk of any part or all of a person's ?business assets,? other than in the ordinary course of business (e.g. the bulk sales law would not apply to a homebuilder selling homes as they would be considered inventory).
The State of New Jersey is always concerned about collecting tax due on sale transactions, big and small. The Bulk Sales Act requires parties to a transaction involving the sale of real estate, a business, or both, to file a notification form with the Division of Taxation prior to closing.
