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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10. Copies of the instruments which will be delivered to the purchaser to evidence his
interest in the cooperative including the bylaws of the cooperative, the proprietary lease and
such other instruments required to secure purchaser in the possession of his unit;

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

12. A statement as to whether a title company, licensed to do business in New Jersey,
attests to the validity of the cooperative and agrees to insure title to the property;

13. A projected schedule of income and expenses (budget) for the first year of operation of
the cooperative, indicating monthly carrying charges for each unit;

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

15. 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 listed in subsection (c) of this section;

16. 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;

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