Rotate Legal New Jersey Abandoned Property Forms For Free

When is Property Considered Abandoned? New Jersey property is generally presumed abandoned if it has remained unclaimed by the owner, or if there has been no activity other than automatic activity (interest posting on a bank account is considered automatic activity) for more than three years.

The New Jersey Unclaimed Property Statute ensures that property owners never relinquish the right to this property and the UPA only acts as a custodian until the property is returned.

Adverse possession laws state that the squatter must live there uninterrupted for seven years. In addition, he must be living there either without the owner's permission and it be so obvious that the owner should have known he was there.

What is the due diligence requirement? If the abandoned property is $50 or greater a due diligence letter must be sent via certified mail return receipt requested to the apparent owner at the last known address not more than 120 days and not less than 60 days prior to the report submission.

2A:18-72): The personal property is considered abandoned and must be removed from the premises or from the place of safekeeping (if landlord has stored the personal property) not less than 30 days after delivery of the notice or not less than 33 days after the date of mailing, whichever comes first.

A property that is placed on an abandoned property list has special status with respect to New Jersey's tax sale and eminent domain laws. These are summarized below. Special tax sales. A municipality can take properties on an abandoned property list that are also eligible for tax sale under N.J.S.A.