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 ↗

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5. A statement as to whether a clear marketable title will be given, listing any
encumbrances that will survive closing;

6. A statement as to whether a title company, licensed to do business in New Jersey, attests
to the validity of the condominium and agrees to insure title to the individual units;

7. A statement of existing taxes and existing or proposed special taxes or assessments
which affect said property, indicating those that will carry over to the condominium;

8. An engineering survey, prepared by a licensed engineer or registered architect which
shall include mechanical, structural, electrical and engineering reports to disclose the
condition and age of the building and its components as of the date of offering. Survey must
include items in (d) below;

9. An audited statement of expenses on the property being offered, certified by an
independent public accountant, for the past five years or the period of the seller's ownership
of the property, whichever is less;

10. Disclosure of all contracts, appointments, agreements and binding obligations made or
to be made by the seller that will be binding upon the condominium, setting forth the full
details thereof, including the length of time of the obligations or arrangements;

11. A statement that all deposit moneys will be kept in trust until completion of the
transaction. The name and address of the escrow agent or trust account to be disclosed;

12. A projected schedule of income and expenses (budget) for the first year of operation of
the condominium, including monthly carrying charges for each unit;