New Jersey Statutes 46:26A-11. Notices of settlement
Terms Used In New Jersey Statutes 46:26A-11
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- person: includes corporations, companies, associations, societies, firms, partnerships and joint stock companies as well as individuals, unless restricted by the context to an individual as distinguished from a corporate entity or specifically restricted to one or some of the above enumerated synonyms and, when used to designate the owner of property which may be the subject of an offense, includes this State, the United States, any other State of the United States as defined infra and any foreign country or government lawfully owning or possessing property within this State. See New Jersey Statutes 1:1-2
- 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
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
b. The notice of settlement shall be signed by a party to the settlement or a party’s authorized representative and shall state the names of the parties to the settlement and a description of the real property. If the notice is executed by anyone other than an attorney at law of this State, the execution shall be acknowledged or proved in the manner of acknowledgment or proof of deeds.
c. A notice of settlement shall be in substantially the following form:
Name ………………………….)
Address ……………………….)
(Seller or Mortgagor) NOTICE OF SETTLEMENT
Name ………………………….)
Address ……………………….)
(Purchaser or Mortgagee)
NOTICE is hereby given of a ………………………..(contract, agreement or mortgage commitment) between the parties.
THE lands to be affected are described as follows:
Premises in the …….. of …….., (municipality) County of ………….. and State of New Jersey, commonly known as ………………………………………. (street address) and more particularly described as follows:
(legal description)
Name of party or authorized representative ………………………….
Address …………………………………………………….
(acknowledgment)
d. A notice of settlement shall be effective for 60 days from the date of recording, unless it is terminated by the recording of a “discharge of notice of settlement.” The effective period of a notice of settlement may be extended for one period of 60 days by recording an additional notice of settlement before the expiration or discharge of the notice of settlement.
e. A discharge of notice of settlement shall be substantially in the form prescribed for a notice of settlement and shall be recorded by the party or authorized representative who recorded the notice of settlement. The recording officer shall record and index each discharge in the same fashion as a notice of settlement.
f. Any person who claims an interest in or lien on the real property described in the notice of settlement arising during the time that a notice of settlement is effective shall be deemed to have acquired the interest or lien with knowledge of the anticipated settlement and shall be subject to the estate or interest created by the deed or mortgage described in the notice of settlement provided the deed or mortgage is recorded within the time that the notice is effective.
Source: 46:16A-1 through 46:16A-5.
L.2011, c.217, s.1.