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

1,726 chars 
2. Notice that the tenant in occupancy at this time shall have an exclusive right to purchase
the unit or park site or shares of stock allocated thereto for the first 90 days after such
notice, and that during this 90-day period the unit or site cannot be shown to a third party
unless the tenant has in writing waived the right to purchase;
3. A copy of this subchapter or any statement of tenants' rights in relation to conversion
subsequently approved for this purpose by the Department of Community Affairs. These
may be obtained from: Bureau of Homeowner Protection, Office of Landlord-Tenant
Information, CN 805, Trenton, New Jersey 08625.

As amended, R.1981 d.354, eff. September 10, 1981. Amended by R.1985 d.529, effective October 21, 1985.
Amended by R.1995 d. 366, effective July 3, 1995.

§ 5:24-1.5 Full plan of conversion

(a) The "full plan of conversion shall contain the documents and information required in
(d) below and in either (b) or (c) below, as may be appropriate, and shall be in compliance
with the requirements of (e) and (f) below.

(b) The full plan of condominium or fee simple conversion shall contain the following
documents and information:

1. A legal description of the property to be converted together with a map showing the site
plan and typical floor plans;

2. The price of the unit being offered;

3. Terms of sale, including copies of sales agreements, financial arrangements, mortgages,
and so forth;

4. Copies of the instruments which will be delivered to the purchaser to evidence his
interest in the condominium including the unit deed, master deed, bylaws of the
condominium association, and such other instruments required to secure purchaser in the
possessing of his unit;