This bill amends existing law to allow sellers of real property to apply for a refund of any additional fees paid that exceed one percent of the consideration, provided that the transfer was made under a contract fully executed before July 10, 2025. The current law stipulates that the deed must be recorded on or before November 15, 2025 to qualify for a refund. The bill removes this requirement, enabling sellers to claim refunds for fees paid in excess of one percent regardless of the recording date of the deed.

Under the updated provisions, sellers can file a claim with the New Jersey Division of Taxation for a refund within one year of the deed's recording, submitting any necessary documentation as required by the Director of the Division of Taxation. This change aims to simplify the refund process for sellers of various categories of real property, including residential and commercial properties, who have executed contracts prior to the specified date.

Statutes affected:
Introduced: 46:15-7.4