New Jersey Statutes 26:2H-7.27. Notice to departments prior to selling, transferring ownership
Terms Used In New Jersey Statutes 26:2H-7.27
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- real property: include lands, tenements and hereditaments and all rights thereto and interests therein. See New Jersey Statutes 1:1-2
(1) the sale or transfer of real property fee established by the Department of Health;
(2) a cover letter stating the applicant’s intent to purchase the land or other real property on which a nursing home is located, and identification of the nursing home by name, address, and county;
(3) a description of the proposed transaction, including:
(a) identification of the current owners of the land or other real property on which a nursing home is located;
(b) identification of 100 percent of the proposed new owners, including the names and addresses of all principals and interested parties; and
(c) if applicable, a copy of an organizational chart, including parent corporations and wholly-owned subsidiaries;
(4) a copy of the agreement of sale or transfer, the proposed terms of the lease, rent, or use agreement with the nursing home and, if applicable, a copy of any management agreements; and
(5) an attestation by the new owners of the land or other real property that they will lease, rent, or authorize use of the land or other real property by the nursing home at a rate that is consistent with the fair market value for the lease, rent, or use of similar facilities in the same market area.
b. A summary of the notice submitted pursuant to subsection a. of this section, including the names of the prospective new owners, shall be made available on the Department of Health’s Internet website.
c. Nursing homes shall report to the Department of Health their rates or average rates for the lease, rent, or use of land or other real property in a manner determined by the department. The department shall post the rates or average rates for the lease, rent, or use of land or other real property reported by nursing homes on its Internet website.
L.2021, c.95, s.4.