New Jersey Statutes 46:3C-3. Definitions
Terms Used In New Jersey Statutes 46:3C-3
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- 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
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
“Newly constructed” means any dwelling unit not previously occupied, excluding dwelling units constructed solely for lease and units governed by the “National Manufactured Housing Construction and Safety Standards Act of 1974,” 42 U.S.C.5401 et seq.
“Off-site conditions” mean those conditions which may materially affect the value of the residential real estate property and shall be limited to the following:
(1) The latest Department of Environmental Protection listing of sites included on the National Priorities List pursuant to the “Comprehensive Environmental Response, Compensation and Liability Act of 1980,” 42 U.S.C. § 9601 et seq.;
(2) The latest sites known to and confirmed by the Department of Environmental Protection and included on the New Jersey master list of known hazardous discharge sites, prepared pursuant to P.L.1982, c.202 (C. 58:10-23.15 et seq.);
(3) Overhead electric utility transmission lines conducting 240,000 volts or more;
(4) Electrical transformer substations;
(5) Underground gas transmission lines as defined in 49 C.F.R.192.3;
(6) Sewer pump stations of a capacity equal to, or in excess of 0.5 million gallons per day and sewer trunk lines in excess of 15 inches in diameter;
(7) Sanitary landfill facilities as defined pursuant to section 3 of P.L.1970, c.39 (C. 13:1E-3);
(8) Public wastewater treatment facilities; and
(9) Airport safety zones as defined pursuant to section 3 of P.L.1983, c.260 (C. 6:1-82).
“Person” means an individual, firm, corporation, limited liability corporation, partnership, association, trust or other legal entity or any combination thereof.
“Property” means a lot or plat upon which a residence has been, or will be, constructed.
“Project” means the development site upon which residential real estate for one or more purchasers is being constructed.
“Public wastewater treatment facility” means a structure or land involving the collection, conveyance, storage, reduction, recycling, reclamation, disposal, separation or other treatment of wastewater or sewage sludge.
“Purchaser” means a buyer of newly constructed residential real estate.
“Residential real estate” means a property or structure or both which will serve as a residence for the purchaser.
“Seller” means a real estate broker, real estate salesperson and real estate broker-salesperson as defined in R.S.45:15-3 or a builder as defined in section 2 of P.L.1977, c.467 (C. 46:3B-2) who is engaged in the sale of newly constructed residential real estate.
L.1995,c.253,s.3.