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Bulk Sale in New Jersey
I recently went through an 8 unit commercial property transaction. My lawyer (thank god) absolutely insisted that the Bulk sale Act or Bulk Sale Contingency be included in the contract. The seller of the property pushed to take this amendment out of the contract which i did not agree to. Ultimately a $27,000 tax delinquency was discovered as a result of pursuing this. From what I understand that $27,000 in tax delinquencies from the state could have been transferred to me had I not caught this before closing. Luckily it was caught, added onto the HUD-1 and I was left with no obligation to it.
I've done several Multi family transactions prior to this without the aid of an attorney and was never made aware of this concern.
Has anyone else experienced this? I will never do another investment real estate transaction without this being included.. Cant trust anyone in this business.