Individual buyers of single-family homes in New Jersey will no longer be required to notify the state Division of Taxation before the sale closes, according to a new law signed by Gov. Chris Christie. In 2007, the New Jersey Legislature required purchasers in bulk sale transactions to notify the division 10 days before the sale closed. The division would notify the purchaser if it had a claim against the seller for taxes owed. If the purchaser didn’t notify the division, it would be liable for those taxes. Individual sales of homes and seasonal rentals were made subject to the requirements until an exemption was signed into law on Sept. 14. “We are thrilled to see this critical bill become law,” said the New Jersey Association of Realtors CEO Jarrod Grasso. “The exemptions outlined in the law are necessary to prevent closings on homes from being delayed or even falling through.” According to Christie’s office, the legislation signed last week is an effort to boost the state’s real estate market and cut unnecessary red tape. “Because of the manner in which the law was written, the sale of single-family homes from individual sellers was made subject to the requirements, resulting in home purchasers having to file paperwork and provide 10 days notice to the Division of Taxation for every real estate transaction, or risk being held liable by the state for the seller’s delinquent taxes,” according to Christie’s office. In the second quarter, there were 9,156 existing home sales, down more than 23% from 11,958 in the same period last year, according to NJAR data. “Cutting the red tape consumers have to contend with is yet another way we can help spur home sales,” Grasso said. Write to Jon Prior. Follow him on Twitter @JonAPrior

More: