Legal Question in Real Estate Law in New Jersey

Re: Abandoned Corporate Assets

You definitely need to retain an attorney to protect your interests.

The initial step after that would be to have a title search performed. This would reveal interests "of record", and would include liens of record (e.g. mortgages, tax liens, etc.)

You do not indicate on what basis the municipality intends to take possession of the land. Are there unpaid taxes, for example?

Also, you do not indicate what your own interest is, in this parcel. Do you think you have an ownership interest, or do you think this may be something you want to purchase at a tax sale?

One thing to be extremely careful about concerning abandoned commercial properties is whether the property may have environmental liabilities, i.e. is it or could it be a toxic waste site?

Even if you can clear up the title issue, you really need to do your due diligence, and try to find out why this land was abandoned. Maybe there's a very good reason that no one wants it.

I strongly recommend that you consult with an attorney immediately so that you can explore your legal rights, obligations, and options. If you wish to discuss retaining my services, contact me at:

[email protected]

(973)-605-8995

(*Licensed in New Jersey, Maryland, and Dist. of Columbia)

[Disclaimer: The above comments are not intended as nor should they be relied upon as "legal advice", which can only be obtained by personal consultation with a retained attorney; at which time the specific facts and circumstances of your case can be thoroughly evaluated. This reply is provided for general informational and educational purposes only, and does not create an attorney-client relationship with the responding attorney.]

Re: Abandoned Corporate Assets

The starting point is the NJ Corporation bureau. However, it depends on how long ago the corporation was dissolved liquidated or struck-off as to where it will lead you.

Assuming it was privately held, you will have to try and contact one of the officers or resident agents to see who the owner of the corporation was, assuming it is no longer active.

If it is active then you contact them.

I hope this was helpful, you have a good search. It would be easier just to buy it at tax sale.

Re: Abandoned Corporate Assets

I would start with the Registry of Deeds in the county where the property is located. You can look up the address of the property in the computer. That will tell you who the "record" owner of the property is. If it's in the name of the corporation, the Massachusetts Secretary of State would know if the corporation was registered in Massachusetts; that information is available from the Secretary's website. Ultimately, however, if you want to buy the property, just buy it at the tax foreclosure sale. You get a good title that way, so far as I know.

Re: Abandoned Corporate Assets

If you check this website (assuming you have the correct corporate name), you may be able to obtain, for a small fee, a corporate status report. This will show you if the corporation is still in existence and the particulars on who is involved currently. The site is:http://www.state.nj.us/Business.shtml. Then just look for the information you want.