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Condo Regulations in New Jersey
Condominiums are often the residence of choice for those who want ownership of their individual living units without sole responsibility for the upkeep and maintenance of common areas. However, there are laws that regulate condos: condo owners in New Jersey have recourse under the New Jersey Condominium Act of 1969. This Act, as well as the Common Interest Real Property Act and the Planned Real Estate Full Disclosure Act, govern condominium boards, covenants, meetings, recordkeeping and audits.
New Jersey allows condominium associations to register as any type of organization that state law allows: a limited liability company, for example, or a nonprofit corporation. For a new association, the law sets out a percentage of board members that the residents and not the developer may elect as residents gradually buy up the new units. The voting rights of the owners must be set out in the bylaws of the condominium; the association must submit this document, along with the master deed, to the state when it registers. The New Jersey Department of Community Affairs, Bureau of Homeowner Protection enforces the state's condo regulations.
State laws require an association to hold regular and public meetings at least once each year and the board must give at least 10 days' advance notice of a meeting to all residents. Board members may hold closed meetings under certain circumstances such as an investigation of violations, a discussion of pending litigation involving the board or to discuss a collective bargaining agreement with employees. The association is required by law to keep minutes of open proceedings and the board must make the minutes available to the owners before the next meeting.
In any planned community, disputes can arise between the owners and the board or among two or more owners. New Jersey law requires a "fair and efficient" way for an association to resolve issues as an alternative to expensive, time consuming litigation. If a condo owner is assessed a fine for a covenant violation, for example, the association should have a streamlined method for appeals. When the association does not have its own dispute resolution procedure, it must all in an outside mediator.
New Jersey law allows condominium associations to exercise all the powers of a nonprofit corporation. This includes the collection of assessments, reasonable payments for repairs, reasonable fines for the violation of the bylaws, as well as reasonable payments for the use of common element such as pools, fitness rooms and meeting facilities. Condominium associations must also keep financial records including expense receipts, invoices, an account of the charges due from owners or the share of surplus revenue owed to owners.
Condo Regulations in New Jersey. New Jersey law gives condominium owners certain rights to view financial records, . Living in a condominium community in the State of Illinois can be a rewarding experience. . New Jersey.