On December 8, 2010, Governor Chris Christie signed A-2861 into law. This measure was initiated by NJAR® to ban the use of private transfer fees (PTFs) on newly constructed properties and create new disclosure requirements for existing properties where PTFs are in place.
This new law, previously approved by both houses of the Legislature unanimously, takes effect immediately and will protect home buyers from having to pay another fee which would increase the cost to buy a home in New Jersey. NJAR® would like to thank those REALTORS® who participated in previous Action Alerts supporting this legislation, which enabled A-2861 to be approved by the Legislature and signed into law in less than six months after being introduced. The signing of this law makes New Jersey the 18th state to pass a law regulating PTFs.