PROPERTY ELIGIBILITY:
To qualify as a Residential Side Lot, the lot must be:
- A vacant and unimproved real property with no structures unless approved by NLB.
- physically contiguous to the applicant’s adjacent occupied residential property (either on
the side, front, or rear lot line).
A lot containing only an accessory structure, such as a garage or shed, may be eligible as a
Residential Side Lot sale. What constitutes an accessory structure is determined at the sole
discretion of NLB. The lot must be physically contiguous to the applicant’s adjacent occupied
property (either on the side, front or rear lot line).
NLB reserves the right, in its sole discretion, to remove or limit a property from eligibility based
on broader City of Newark or NLB strategies.
APPLICANT QUALIFICATIONS:
- The applicant must own the occupied residential property contiguous to the NLB lot.
- The applicant must be in compliance with all state and local building and land use
regulations, and may not have any code violations for their primary residence or any
other properties he/she owns in the City of Newark.
- The applicant must be current on all taxes and water and sewer bills on their primary
residence or any other properties he/she owns in the City of Newark.
- If the applicant is purchasing a side lot adjacent to a property purchased from the City of
Newark, or other NLB disposition process, the applicant must have achieved compliance
with the terms of the purchase agreement and have received a Certification of
Compliance or Certification of Completion from the City of Newark or NLB for the
property purchased from the City.
- The applicant must be able, and agree, to maintain the property in compliance with all
applicable state and local regulations, including all local building, zoning, health, and fire
regulations.
- The applicant must not be the prior owner of real property in the City of Newark that
was acquired by the City of Newark or NLB as the result of tax foreclosure proceedings.
- The applicant must be able, and agree, to maintain the property in compliance with all
applicable state and local regulations, including all local building, zoning, health, and fire
regulations.
- Applicants are required to submit a list of properties they own, or have an ownership
interest in, for review as part of their application. The list shall include any properties
owned by a corporate entity of which the applicant is a member.
APPLICANT QUALIFICATION DOES NOT GUARANTEE APPROVAL OR PRIORITY. NLB
SHALL HAVE SOLE DISCRETION FOR THE APPROVAL, OR DISAPPROVAL, OF ANY
APPLICATION.
FURTHER CONSIDERATIONS:
The foregoing eligibility and qualification requirements are guidelines and may be waived or
modified as determined by NLB to accommodate unique circumstances.
Investment property owners, subject to all other Applicant Qualifications, may submit an
application for a Residential Side Lot Sale provided that their contiguous property is more than
50% occupied.
NLB will process applications on a first-come, first-served basis. The first qualified applicant to
submit a complete application and payment shall proceed in the sale process. If more than one
application is received for the same property, priority will be given as follows:
- to the adjacent homeowner who has maintained the lot
- if the lot has not been otherwise maintained, then,
- to the homeowner which, when the contiguous lots are combined, will
possess a regularly shaped lot conforming to municipal code
- to the homeowner having the greater contiguous border
- to the homeowner making the highest offer in a sealed bid
NLB maintains the right to place conditions on the sale and incorporate them as deed
restrictions. If the buyer fails to comply with the sale guidelines and purchase agreement, the
NLB may exercise its discretion and take back the title to the property.
As a purchase condition at the time of closing, NLB may require that undersized, nonconforming lots, deemed not suitable for development as determined by the City of Newark
Zoning Code, be combined with the homeowner’s adjacent property, when such combination is
permitted by the policies of the City of Newark Office of Tax Assessment.
PRICING:
A $50 non-refundable application fee for each parcel, payable to the Newark Land Bank in
certified funds, must accompany the submission of a complete (NLB) Residential Side Lot
Application.
Purchase Prices:
Single, non-buildable lot, 1 - 2,000 square feet $500
Single lot, 2,001 – 2,500 square feet $1,000
Single lot, 2,501 or greater Negotiated*
* Purchase price and earnest money deposit will be negotiated for buildable parcels larger than
2,500 square feet or parcels of considerable value. NLB shall reserve the right to determine
whether a parcel, or parcels, is/are of considerable value.
The purchase price for investment property owners shall be Fair Market Value (FMV). An
investment property owner is an individual who owns the adjacent property to the side lot, but
does not reside there. The FMV is determined by an independent third party using a Brokers
Price Opinion (BPO) process. The FMV is non-negotiable. Purchaser shall be responsible for all
costs associated with the BPO process to be paid at closing
APPLICATION PROCESS:
- Visit the Purchase A Property tab on the NLB website, and select Side Lot Sale.
- Determine if NLB owns the lot next to your home. If the lot is not listed on the available
side lot properties list, it may not be owned by NLB, or the lot may not be eligible for
purchase as a Residential Side Lot Sale. For more information, you may visit the Contact
tab on the website or email us at
- Review the Applicant Qualifications to determine if you are eligible to purchase the lot
adjacent to your home. This is important as you will be asked to review and sign an
Applicant Certification Form affirming that you meet the qualifications.
- Register to create an NLB account
- Complete and submit the Newark Land Bank Residential Side Lot Sale Application, along
with the Applicant Certification Form, non-refundable $50 application fee, and all
requested documents and photos. Incomplete applications will not be processed.
Submission of an application and fee does not guarantee approval or transfer of
property.
Applicants may be given the opportunity to correct deficiencies in their application
within a specified period of time.
- NLB will screen all applications to ensure that the potential buyers’ certifications are true
and correct.
- Within 2 two weeks of receipt, NLB will notify applicants in writing, which may include by
way of email, of the approval or denial of their application. Approved applicants will be
required to enter into a purchase agreement with the NLB for the purchase of the
subject property, and may be required to submit additional documentation. Upon
receipt of the purchase documents from NLB, the applicant must execute the documents
and return them to the NLB within seven (7) days. Failure to execute and return the
documents within the specified timeframe may result in rescinding of the approval of the
application.
- NLB will then prepare the deed and otherwise facilitate closing. NLB properties are sold
“AS IS” “WHERE IS”, with title transferred via Quitclaim Deed containing restrictions for
use of the property as specified by the sale guidelines and purchase agreement. The
applicant may be required to pay any necessary fees required to facilitate the actual
transfer of the property, such as closing costs, deed recording fees and transfer taxes.
- NLB Side Lot sales are completed within sixty (60) days, but may be extended in NLB’s
sole discretion.
QUITCLAIM DEED TRANSFER INFORMATION AND COVENANTS
Properties sold through the residential Side Lot Program are transferred via quitclaim deed. This
is not a Warranty Deed and, therefore, does not necessarily construe clear, insurable title. At its
option and expense, the applicant is strongly encouraged to obtain a title insurance policy and
to obtain legal or other technical assistance associated with the purchase of NLB property.
NLB reserves the right to include a reverter clause and other covenants in the quitclaim deed
which would allow the NLB to reclaim the property and any improvements thereon should the
new owner fail to comply with the sale guidelines and purchase agreement.
Applications will be accepted for a Residential Side Lot Sale on an ongoing basis. Interested
applicants who have signed up to receive email notifications from NLB may be notified,
periodically, of any sale updates.
For more information, email us at nlbinfo@investnewark.org