The "Real Estate Installment Contract Act."

This bill establishes the "Real Estate Installment Contract Act" in New Jersey to regulate agreements where sellers retain legal title while buyers make installment payments on properties with four or fewer dwelling units. The law requires these contracts to be written and recorded within 20 days, mandating specific disclosures about purchase price, payment terms, existing liens, and responsibilities for taxes and municipal charges. Sellers must deliver a formal deed to buyers within 30 days after all payments are completed, and the act outlines procedures for handling defaults by either party through court actions.