Title 46, Title 46: PROPERTY

46:8D-7. Master register The master register shall contain the following elements: a. Separate identification of each unit by distinctive letter, name or number or combination thereof. b. The percent of common ownership representing each owner's proportionate undivided interest i…

46:8D-8. Fees The county recording officer in each county shall charge the fees prescribed for recording of real property documents for the recording of the documents required in sections 6 and 7 of this article. 1987, c. 381, s.8.

46:8D-9. Lands in more than 1 county, state Whenever a proposed cooperative plan involves lands located in more than one county or state, the proponent of the cooperative shall comply with requirements of this article by recording the documents in each county or state in which an…

46:9-1. Short form mortgage A mortgage may be made in the following form or to like effect: "This mortgage, made the ............. day of ........ 19 ..... , between ..................... (here insert name and residence of mortgagor), mortgagor, and ..............................…

46:9-2. Covenant of seizin and warranty A covenant in any mortgage in the words, "That the mortgagor warrants the title to the premises" shall be construed to have the same force and effect as the following words: That he covenants with the said mortgagee that he is seized of an …

46:9-3. Covenant as to taxes paid A covenant by the mortgagor in a mortgage, "That no owner of the mortgaged property shall be entitled to any credit by reason of the payment of any tax thereon" shall be construed to mean that the mortgagor, for himself, his heirs, executors, adm…

46:9-4. Covenant to pay indebtedness A covenant in any mortgage in the words, "That will pay the indebtedness as hereinbefore provided" shall be construed to have the same force and effect as the following words: "And the said for himself, his heirs, executors, administrators or …

46:9-5. Covenant as to insurance A covenant in any mortgage in the words, "That the buildings on the premises shall be kept insured against loss by fire for the benefit of the holder hereof" shall be construed to have the same force and effect as the following words: "And it is a…

46:9-6. Covenant as to acceleration A covenant in any mortgage in the words, "That the whole of the principal sum shall at the option of the holder of the mortgage become due after default in the payment of any installment of principal or interest for (number to be inserted) days…

46:9-7. Covenant as to declaration of no offset A covenant in any mortgage in the words, "That the mortgagor within (number to be inserted) days, upon written request of the holder thereof, will furnish at the expense of said holder a statement of the amount due on this mortgage"…

46:9-7.1. Express agreement required for assumption of mortgage debt Whenever real estate situate in this State shall be sold and conveyed subject to an existing mortgage or is at the time of any such sale or conveyance subject to an existing mortgage, the purchaser shall not be …

46:9-8. Purchase money mortgage over judgments Whenever real estate situate in this state is or shall be sold and conveyed, and a mortgage is given by the purchaser at the same time, on the real estate sold, to secure the payment of the purchase money or any part thereof, such mo…

46:9-8.1. Definitions 1. As used in this act: a. "Mortgage loan" means any loan or line of credit, except a construction loan, which states a maximum specified principal amount and which is secured by an interest in real property. b. "Construction loan" means a loan for a fixed t…

46:9-8.2. Priority preserved 2. Notwithstanding any other law to the contrary, the priority of the lien of a mortgage loan which has undergone a modification, as defined by this act, shall relate back to and remain as it was at the time of recording of the original mortgage as if…

46:9-8.3. No outstanding indebtedness The priority of the lien of a mortgage loan shall not be affected by the fact that there may not have been any outstanding indebtedness at some time or times during the term specified in the mortgage. L. 1985, c. 353, s. 3, eff. Nov. 9, 1985.…

46:9-8.4. Prior recorded liens Liens of mortgage loans recorded prior to the effective date of this act: a. With respect to liens effective prior to the effective date of this act, shall continue the same priority position pursuant to the law in effect prior to this act, and b. W…

46:9-8.5 Title insurance to continue in effect despite modification to mortgage loan; exception. 2. If a holder of a mortgage loan has insured the holder's interest in the real property securing the mortgage loan with title insurance issued in accordance with the "Title Insurance…

46:9-9. Assignment of mortgages 46:9-9. All mortgages on real estate in this State, and all covenants and stipulations therein contained, shall be assignable at law by writing, whether sealed or not, and any such assignment shall pass and convey the estate of the assignor in the …

46:10-1. Support of party or other walls adjacent to excavations eight feet in depth Whenever excavations, for buildings or other purposes, on any lot or piece of land, shall be intended to be carried to a depth of more than eight feet below the curb or grade of the street, and t…

46:10A-1. Demanding or exacting money or other valuable thing for making or obtaining mortgage loan Whenever any agreement for the sale of real estate is conditioned upon any person named therein obtaining a mortgage loan upon such real estate in order that he may perform such ag…

46:10A-2. Violators as disorderly persons Any person who violates any provision of this act shall be a disorderly person, and any payment or thing paid or exacted in violation of this act may be recovered from the person receiving the same, in a civil action, with treble damages …

46:10A-3. Issuance of mortgagee title insurance policy required; notice to mortgagor Whenever in connection with the making of a real estate purchase money mortgage loan upon a 1, 2, 3 or 4 family dwelling house for a term exceeding 2 years, the mortgagee requires the issuance of…

46:10A-4. Statement of receipt of notice by mortgagor At or before the closing of the mortgage loan transaction the company issuing the title insurance shall obtain from the mortgagor a statement in writing that he has received the notice required under section 1 of this act. L.1…

46:10A-5. Violation; penalty If the company issuing the mortgagee policy of title insurance shall fail to comply with the provisions of section 1 of this act the said company shall forfeit to the State of New Jersey the sum of $100.00, to be recovered with costs in a civil action…

46:10A-6. Borrower to choose own attorney; fees; disclosure; definitions 1. a. No banking institution, other financial institution or other lender, which is licensed or authorized under the laws of this State or of the United States to engage in the business of making loans secur…

46:10B-1. Definitions As used in this act: (a) "Mortgage loan" means a loan secured by an interest in real property consisting of land upon which is erected or to be erected, in whole or in part with the proceeds of such loan, a structure containing one, two, three, four, five or…

46:10B-10. Interest rate; points Except as otherwise provided by law, no mortgage loan shall be made at an interest rate in excess of the rate authorized by section 31:1-1 of the Revised Statutes. The charging of points in connection with a mortgage loan is prohibited. For the pu…

46:10B-11. Points; liability for receiving Any holder of a mortgage loan or agent acting on behalf of the holder of a mortgage loan who shall knowingly receive points as defined herein shall be liable to the mortgagor for the return of the points and all interest paid on the mort…

46:10B-11.1. Discount points deemed interest on loan Discount points paid by the buyer or seller in connection with a mortgage loan on a one-to-six family dwelling, occupied or to be occupied by the owner shall be deemed to be interest charged on the loan. For the purposes of thi…

46:10B-12. Graduated payment mortgage defined As used in this act, "graduated payment mortgage" means a mortgage loan with lower monthly payments of principal and interest during the early years of the mortgage and higher monthly payments during the later years of the mortgage. T…

46:10B-13. Authorization to make Notwithstanding any law, rule, regulation, or opinion to the contrary, it shall be lawful for any institution authorized in this State to make mortgage loans secured by a mortgage on real property to make graduated payment mortgages. L.1979, c. 13…

46:10B-14. Use for dwelling units; limits on interest Graduated payment mortgages may be secured only by real estate on which there is erected or to be erected a structure containing one, two, three, four, five, or six dwelling units, a portion of which structure may be used for …

46:10B-15. Option to convert to conventional level payment mortgage At any time during the life of the graduated payment mortgage the mortgagor shall have the option without penalty to convert to a conventional level payment mortgage. L.1979, c. 139, s. 4, eff. July 6, 1979.

46:10B-16. Short title This act shall be known and may be cited as the "Senior Citizen Homeowner's Income Security Act." L.1979, c. 140, s. 1, eff. July 6, 1979.

46:10B-17. Definitions As used in this act: "Reverse annuity mortgage" means a mortgage loan secured by unencumbered residential property of the mortgagor which loan is used by the mortgagee to purchase annuities for the benefit of the mortgagor. "Reverse direct payment mortgage"…

46:10B-18. Reverse annuity and reverse direct payment mortgages; authorization to make; conditions Notwithstanding any law, rule, regulation, or opinion to the contrary, it shall be lawful for any institution authorized in the State to make first lien loans secured by a mortgage …

46:10B-19. Option of mortgagor to enter into subsequent mortgage with same mortgagee With respect to a reverse annuity mortgage or a reverse direct payment mortgage, at the termination of the mortgage the mortgagor shall have the option to enter into a subsequent reverse annuity …

46:10B-2. Prepayment of mortgage loan without penalty Prepayment of a mortgage loan may be made by or on behalf of a mortgagor at any time without penalty. L.1968, c. 54, s. 2, eff. June 6, 1968. Amended by L.1973, c. 297, s. 1, eff. Dec. 6, 1973; L.1975, c. 87, s. 1, eff. May 8,…

46:10B-20. Exemption of income from New Jersey Gross Income Tax Act Income derived by mortgagors from mortgages authorized pursuant to this act shall not be considered income for purpose of the "New Jersey Gross Income Tax Act" . L.1979, c. 140, s. 5, eff. July 6, 1979.

46:10B-21. Regulations The Commissioner of Banking may make such regulations as he deems necessary to effectuate the purposes of this act. L.1979, c. 140, s. 6, eff. July 6, 1979.

46:10B-22 Short title. 1. This act shall be known and may be cited as the "New Jersey Home Ownership Security Act of 2002." L.2003,c.64,s.1.

46:10B-23 Findings, declarations relative to abusive lending practices. 2. The Legislature finds and declares that: a. Abusive mortgage lending has become an increasing problem in this State, exacerbating the loss of equity in homes and causing an increase in the number of forecl…

46:10B-24 Definitions relative to abusive lending practices. 3. As used in this act: "Affiliate" means any company that controls, is controlled by, or is under the common control with any company, as set forth in 12 U.S.C. s.1841 et seq. "Bona fide discount points" means loan dis…

46:10B-25 Creditors, prohibited practices relative to home loans. 4. a. No creditor making a home loan shall finance, directly or indirectly, any credit life, credit disability, credit unemployment or credit property insurance, or any other life or health insurance, or any paymen…

46:10B-26 High-cost home loans, limitations, prohibited practices. 5. A high-cost home loan shall be subject to the following additional limitations and prohibited practices: a. No high-cost home loan shall contain a scheduled payment that is more than twice as large as the avera…

46:10B-27 Affirmative claims, defenses by borrower. 6. a. Notwithstanding any other law to the contrary, if a home loan was made, arranged, or assigned by a person selling either a manufactured home, or home improvements to the dwelling of a borrower, or was made by or through a …