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Property Management and Construction


Questions And Answers About
Surplus Real Property

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How Does the State Sell Real Estate Holdings?

The Division of Property Management & Construction (DPM&C) sells surplus state real property by Internet Auction Sale of Real Property.

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Does the State Sell Properties for Non-Payment of Taxes?

Usually not. This is a function that is done by the local municipality.

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Does the State Handle Foreclosure Sales?

No, this is done at the County level by the County Sheriff's department.

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How Do I Find Out About State Properties for Sale?

The state maintains an Investor Data Base file of those interested in purchasing state property. Interested purchasers can complete an Investor Profile Form (pdf 1.2mb) and mail it to the DPM&C. This will place you on our mailing list and you will be notified of properties available in the areas and of the type that you specify.

The state also advertises all sales of state owned property in at least two newspapers prior to the auctions. Advertising days are usually Sunday and Monday and ads are placed in the Star Ledger as well as newspapers in the area where the property is located.

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What Are the Terms of State Property Sales?

Properties are usually sold "as is, where is" with all faults. Sales are NOT contingent upon financing. A deposit of 10% of the sales price is usually required for all auctions. All funds must be guaranteed funds in the form of either cash, or a certified or cashier's check. If bidders do not meet the requirements of the sales contract, they could forfeit any deposits made.

 



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