A 4377

ASSEMBLY, No. 4377
STATE OF NEW JERSEY
222nd LEGISLATURE
�
INTRODUCED FEBRUARY 19, 2026
Sponsored by:
Assemblyman� ALEX SAUICKIE
District 12 (Burlington, Middlesex, Monmouth and Ocean)
SYNOPSIS
���� Requires limited liability company disclose certain
information when recording deed concerning residential rental property.
CURRENT VERSION OF TEXT
���� As introduced.
��
An Act enhancing transparency of certain real estate transfers
involving rental properties; amending P.L.1968, c.49 and supplementing
P.L.2012, c.50 (C.42:2C-1 et seq.).
���� Be It
Enacted by the Senate and General Assembly of
the State of New Jersey:
���� 1.��� Section 2 of P.L.1968,
c.49 (C.46:15-6) is amended to read as follows:
���� 2.��� In addition to other
prerequisites for recording, no deed evidencing transfer of title to real
property shall be recorded in the office of any county recording officer unless
it satisfies the following requirements:
���� a.���� If the transfer is
subject to any fee established under section 3 of P.L.1968, c.49 (C.46:15-7) or
section 2 of P.L.2003, c.113 (C.46:15-7.1), a statement of the true
consideration for the transfer shall be contained in the deed, the
acknowledgment, the proof of the execution, or an appended affidavit by one of
the parties to the deed or that party's legal representative.
���� b.��� If the transfer is
exempt from any fee established under section 3 of P.L.1968, c.49 (C.46:15-7)
or section 2 of P.L.2003, c.113 (C.46:15-7.1), an affidavit stating the basis
for the exemption shall be appended to the deed.
���� c.���� If the transfer is of
real property upon which there is new construction, the words "NEW
CONSTRUCTION" in upper case lettering shall be printed clearly at the top
of the first page of the deed, and an affidavit by the grantor stating that the
transfer is of property upon which there is new construction shall be appended
to the deed.
���� d.��� If the transfer
involves a limited liability company or a foreign liability company as the
grantee, and the transfer is of residential real property intended for rental
purposes, regardless of the number of dwelling units for rental, an affidavit
identifying the registered agent of the company, as required pursuant to
section 2 or section 3 of P.L.��� , c.��� (C.������� or C.������� ) (pending
before the Legislature as this bill), shall be appended to the deed.� If the
registered agent is not a member of the company, an affidavit identifying at
least one member of the company shall be appended to the deed.
(cf: P.L.2004, c.66, s.2)
���� 2.��� (New section)� When a
limited liability company is the grantee of a deed for residential real
property and such property is intended to be used for rental purposes,
regardless of the number of dwelling units for rental, the company shall submit
for recording, together with the deed, an affidavit disclosing the name and
business address of the registered agent for service of process of the limited
liability company designated pursuant to section 14 of P.L.2012, c.50
(C.42:2C-14).� If the registered agent is not a member of the company, the
company shall append to the deed an affidavit identifying at least one member
of the company.
���� 3.��� (New section)� When a
foreign limited liability company is the grantee of a deed for residential real
property, and such property is intended for rental purposes, regardless of the
number of dwelling units for rental, the company shall submit for recording,
together with the deed, an affidavit disclosing the name and business address
of the registered agent for service of process of the foreign limited liability
company designated pursuant to section 14 of P.L.2012, c.50 (C.42:2C-14).� If the
registered agent is not a member of the company, the company shall append to
the deed an affidavit identifying at least one member of the company.
���� 4.� This act shall take effect
immediately.
STATEMENT
���� This bill would require a
limited liability company or foreign limited liability company disclose
information pertaining to the company�s registered agent when that company is
the grantee of a deed for residential real property and such property is intended
to be used for residential rental purposes.� The disclosure of this information
would be made at the time when the company files the deed for recording.� In
addition, if the registered agent is not a member of the company, an affidavit
identifying at least one member of the company shall be appended to the deed.�
The disclosures called for in this bill would be required regardless of the
number of rental dwelling units contained on the property.