N.J. DCA Landlord/Tenant Information Series — Condominium and Cooperative Conversion Law

Citation
N.J. DCA Landlord/Tenant Information Series — Condominium and Cooperative Conversion Law
Jurisdiction
New Jersey (state)
Source
Official source
Original Source
https://www.nj.gov/dca/codes/publications/pdf_lti/condo_laws.pdf ↗

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Full Text

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b. In the case of a municipality subject to the provisions of this act that has a rent control
ordinance in effect, a rent increase for a qualified tenant with a protected tenancy status, or for
any tenant to whom notice of termination pursuant to subsection g. of section 3 of P.L.1974, c.49
(C.2A:18-61.2) has been given, shall not exceed the increase authorized by the ordinance for
rent-controlled units. Increased costs that are solely the result of a conversion, including but not
limited to any increase in financing or carrying costs, and do not add services or amenities not
previously provided shall not be used as a basis for an increase in a fair-return or hardship
hearing before a municipal rent board or on any appeal from such determination.
L.1991,c.509,s.13.

2A:18-61.53. Public offering statements, requisites

14. In the case of a building or structure located in a qualified county, the public offering
statement for a conversion as required by "The Planned Real Estate Development Full Disclosure
Act," P.L.1977, c.419 (C.45:22A-21 et seq.), shall clearly inform the prospective purchaser of
the provisions of this act regarding the protection of qualified tenants and tenants in need of
comparable housing. Any contract or agreement for sale of a converted unit shall contain a
clause in 10-point bold type or larger that the contract is subject to the terms of this act
concerning such tenant protection and an acknowledgement that the purchaser has been informed
of these terms.

L.1991,c.509,s.14.

2A:18-61.54. Municipal fees

15. A municipality located in a qualified county is authorized to charge an owner a fee which
may vary according to the size of the building to cover the cost of providing the services required
by this act.
L.1991,c.509,s.15.