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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13. Disclosure as to the legal jurisdiction wherein the property lies, and a statement as to
the extent to which such property is in compliance with all applicable zoning and housing
codes and other applicable regulations;

14. The seller's name, address, and the form, date and jurisdiction of organization, and the
address of its sales office.

(c) The full plan of cooperative conversion shall contain the following documents and
information, which shall be in addition to any requirements which may be imposed by the
Bureau of Securities in the New Jersey Department of Law and Public Safety:

Note: This is in addition to any requirements which may be imposed by the Bureau of
Securities in the New Jersey Department of Law and Public Safety.

1. Detailed terms of the transaction including the selling price of each unit or share;

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

3. The nature of the interest in the property and how title thereto is to be held;

4. The basis, rate and method of computing depreciation;

5. The nature of the fiduciary relationship of the principals involved, their financial
relationship, past, present and future, to the property offered to be converted;

6. All restrictions, if any, or transfer of participant's interest;

7. 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;

8. The plan shall clearly define which of the real estate holdings offered are in fee ownership
or on leaseholds;

9. The terms and conditions of such leaseholds shall be fully disclosed;