N.J. DCA Landlord/Tenant Information Series — Condominium, Fee Simple & Cooperative Conversion, and Mobile Home Park Retirment Regulations

Citation
N.J. DCA Landlord/Tenant Information Series — Condominium, Fee Simple & Cooperative Conversion, and Mobile Home Park Retirment Regulations
Jurisdiction
New Jersey (state)
Source
Official source
Original Source
https://www.nj.gov/dca/codes/publications/pdf_lti/condo_regs.pdf ↗

Related Parts of This Source

Full Text

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1. If the purchase contract offered by the developer does not include a contingency
provision allowing a purchaser at least 60 days in which to secure financing for the
purchase, then, unless the developer is providing such financing upon terms found by the
Division of Codes and Standards to be reasonable, the exclusive right to purchase period
shall be extended as long as may be necessary to allow such tenants at least 60 days in
which to exercise such exclusive right.

2. A change shall be deemed "material" for the purpose of (e) of this section if so deemed
by the Division of Housing and Development pursuant to N.J.A.C. 5:25-3.3(a).

3. A change shall be deemed "material" for the purpose of (e) above if it is deemed by the
Division of Codes and Standards to be a "material change" as defined in N.J.A.C. 5:26-1.3.

4. Any determination by the Division of Codes and Standards that a change is material shall
be made within the 90 day exclusive right to purchase period or within such further period
as may be required by the Division of Codes and Standards in order to investigate any
allegation made during such 90 day period as to the existence of any circumstance or
condition that might constitute or necessitate a material change.

As amended, R.1981 d.131, eff. May 7, 1981. Amended by R.1985 d.429, effective October 21, 1985. Amended
by R.1990 d.507, effective October 15, 1990. Amended by R.1995 d.366, effective July 3, 1995.

§ 5:24-1.4 Contents of notice of intent to convert

(a) The notice of intent to convert shall consist of three items as follows:
1. Notice to the tenants of their right to purchase ownership in the premises at a specified
price in accordance with section 5 of the act;