N.J.S.A. 2A:56-54 — Sale of heirs property, circumstances, methods.

2A:56-54 Sale of heirs property, circumstances, methods. 10. a. If the court orders a sale of heirs property, the sale shall be an open-market sale unless the court finds that a sale by sealed bids or an auction would be more economically advantageous and in the best interest of the cotenants as a group. b. If the court orders an open-market sale and the parties, not later than 10 days after the entry of the order, agree on a real estate broker licensed in this State to offer the property for sale, the court shall appoint the broker and establish a reasonable commission. If the parties do not agree on a broker, the court shall appoint a disinterested real estate broker licensed in this State to offer the property for sale and shall establish a reasonable commission. The broker shall offer the property for sale in a commercially reasonable manner at a price no lower than its determination of value pursuant to section 6 of this act and on the terms and conditions established by the court. c. If the broker appointed under subsection b. of this section obtains, within a reasonable time, an offer to purchase the property for at least the determination of value: (1) The broker shall comply with the reporting requirements in section 11 of this act; and (2) The sale may be completed in accordance with State law other than this act. d. If the broker appointed under subsection b. of this section does not obtain, within a reasonable time, an offer to purchase the property for at least the determination of value, the court, after hearing, may: (1) Approve the highest outstanding offer, if any; (2) Re-determine the value of the property and order that the property continue to be offered for an additional time; or (3) Order that the property be sold by sealed bids or at an auction. e. If the court orders a sale by sealed bids or an auction, the court shall set terms and conditions of the sale. f. If a purchaser is entitled to a share of the proceeds of the sale, the purchaser is entitled to a credit against the price in an amount equal to the purchaser's share of the proceeds. L.2025, c.88, s.10.

This is the verbatim text of N.J.S.A. 2A:56-54, retrieved from the New Jersey Legislature's public statute corpus. Statutes are amended periodically — for the most current version, check the external source link above. Kyzer is not a law firm and this page is not legal advice.