reglab/housing_qa huggingface dataset:
NJ Rev Stat § 46:8C-14 (2021)
2021 New Jersey Revised Statutes|Title 46 - Property|Section 46:8C-14 - Compliance as prerequisite to recording

46:8C-14. Compliance as prerequisite to recording  5. In addition to other prerequisites for recording, no deed evidencing transfer of title to a private residential leasehold community land shall be recorded in the office of any county recording officer unless, accompanying the application to transfer the title is an affidavit annexed thereto in which the owner of the private residential leasehold community certifies: a. with reference to an offer by him for the sale of the land, he has complied with the provisions of section 2 of this act; or b. with reference to an offer received by him for the purchase of the land, or with reference to a counter-offer which he has made or intends to make to such an offer, he has complied with the provisions of section 3 of this act; or c. notwithstanding his compliance with section 2 or 3 of this act, as applicable, no contract has been executed for the sale of the land between himself and the homeowners' association; or d. the provisions of sections 2 and 3 of this act are not applicable to a particular sale or transfer of the land by him, and compliance therewith is not required; or e. a particular sale or transfer of the land is exempted from the provisions of sections 2 through 5 of this act. L.1991,c.483,s.5; amended 1995,c.365,s.5.
NJ Rev Stat § 46:8C-15 (2021)
2021 New Jersey Revised Statutes|Title 46 - Property|Section 46:8C-15 - Formation of association

46:8C-15. Formation of association  6. a. In order to exercise the rights provided in sections 2 and 3 of this act, the owners of homes in a private residential leasehold community shall form an association in compliance with this section and sections 7 and 8 of this act. Such an association shall be organized as a corporation or association either for profit or not for profit, upon the consent, in writing, of two-thirds of the owners of homes in the community to become members or shareholders therein. For the purposes of this act, whenever the consent of homeowners is required on any question, there shall be counted only one vote for each dwelling unit. Upon consent by two-thirds of the homeowners, all consenting homeowners shall become members of the association and shall be bound by the provisions of the articles of incorporation, the bylaws of the association, and such restrictions as may be properly promulgated pursuant thereto. Upon incorporation and service of the notice described in section 7 of this act, the association shall become the representative of the homeowners in all matters relating to the provisions of this act. b. If at the time when a landowner determines to offer private residential leasehold community land for sale, or receives a bona fide offer from a prospective purchaser, there is no homeowners' association then in being in the private residential leasehold community, the landowner shall, at least 15 days before proceeding to make such offer of sale, or within 10 business days of receiving such a bona fide offer, as the case may be, notify in writing each owner of a home within the private residential leasehold community that he intends doing so. If, after receipt of such individual notices and within the period fixed by subsection b. of section 2 of this act for execution of a contract, a homeowners' association is formed pursuant to this act, the association so formed shall exercise and perform all the rights, duties and functions provided in this act on and from the day on which notification is made to the private residential leasehold community landowner pursuant to section 7 of this act. L.1991,c.483,s.6; amended 1995,c.365,s.6.
NJ Rev Stat § 46:8C-16 (2021)
2021 New Jersey Revised Statutes|Title 46 - Property|Section 46:8C-16 - Association notice to landowner, recording

46:8C-16. Association notice to landowner, recording  7. a. Upon receipt of its certificate of incorporation, or, if the homeowners' association does not incorporate, upon its establishment, the homeowners' association shall notify the landowner in writing of such incorporation, or establishment, as appropriate, and shall advise the landowner of the names and addresses of the officers of the homeowners' association by personal delivery upon the landowner or by certified mail, return receipt requested. b. The homeowners' association shall file with the clerk of the county in which the private residential leasehold community is located a notice of its rights under sections 2 and 3 of this act. The notice shall contain the name of the association, the name of the landowner, and the address or legal description of the land. Within 10 days of the recording of the notice, the association shall provide a copy of the recorded notice to the landowner, at the address provided by the landowner, by certified mail, return receipt requested. L.1991,c.483,s.7; amended 1995,c.365,s.7.
NJ Rev Stat § 46:8C-17 (2021)
2021 New Jersey Revised Statutes|Title 46 - Property|Section 46:8C-17 - Purpose of association

46:8C-17. Purpose of association  8. a. The articles of incorporation of a homeowners' association or the bylaws of any unincorporated homeowners' association formed under this act shall provide: (1) that the association has the power to negotiate for, acquire, and operate the private residential leasehold community on behalf of the homeowners; and (2) that the association has the power to convert the private residential leasehold community, once acquired by the homeowners, to a condominium, a cooperative, or other type of ownership. b. Upon acquisition of the property, the association shall be the entity that creates a condominium, or offers condominium parcels for sale or lease in the ordinary course of business, or, if the homeowners choose a different form of ownership, the entity that owns the record interest in the property and is responsible for the operation of property; provided, however, that if the association converts the private residential leasehold community to a cooperative, an election shall be held within 30 days following the establishment of the cooperative to elect a board of directors of the cooperative. L.1991,c.483,s.8; amended 1995,c.365,s.8.
NJ Rev Stat § 46:8C-20 (2021)
2021 New Jersey Revised Statutes|Title 46 - Property|Section 46:8C-20 - Duties of private residential leasehold community owner

46:8C-20. Duties of private residential leasehold community owner  11. The owner of the private residential leasehold community land shall notify in writing each owner of a home therein or, if a homeowners' association has been established under the provisions of this act, the directors or trustees of the association, of any application by the owner of the private residential leasehold community land for a variance within 10 days after the filing for such variance with the approving authority, if the granting of such variance would result in the removal of the homes or relocation of the homeowners residing in that private residential leasehold community. L.1991,c.483,s.11; amended 1995,c.365,s.11.
NJ Rev Stat § 46:8C-21 (2021)
2021 New Jersey Revised Statutes|Title 46 - Property|Section 46:8C-21 - Relocations, variances, certain, prohibited

46:8C-21. Relocations, variances, certain, prohibited  12. No agency of municipal, county or State government, or of any agency or instrumentality thereof, shall approve or take any other final action upon any application for a variance which would result in the removal of homes or relocation of homeowners residing in a private residential leasehold community, without first determining that adequate private residential facilities and circumstances exist for the relocation of those homeowners. L.1991,c.483,s.12; amended 1995,c.365,s.12.
NJ Rev Stat § 46:8D-1 (2021)
2021 New Jersey Revised Statutes|Title 46 - Property|Section 46:8D-1 - Short title

46:8D-1. Short title  This act shall be known and may be cited as "The Cooperative Recording Act of New Jersey."  1987,c.381,s.1.
NJ Rev Stat § 46:8D-2 (2021)
2021 New Jersey Revised Statutes|Title 46 - Property|Section 46:8D-2 - Findings, declarations

46:8D-2. Findings, declarations  The Legislature finds that issuance of proprietary real estate leases by cooperative corporations and other cooperative legal entities is becoming a popular practice in New Jersey which is usually accomplished by a ledger book transfer to the lessee of stock or another indicia of ownership of an interest in the cooperative corporation or other cooperative entity which owns the real estate and that there is no public record of the transaction. The Legislature further finds that this is a hybrid transaction which is not capable of classification entirely as realty or personalty but that the public perception of a cooperative unit is that it in some manner involves real estate; that members of the public seek protection in cooperative leasing transactions similar to those protections available in transactions for the purchase of real estate, namely, a public title record, title searches to guarantee security of title, freedom from easements or rights in unknown third parties, unpaid liens, unsatisfied judgments, unpaid taxes, freedom from municipal violations, title insurance and the equivalent of a mortgage where a cooperative unit is the asset to be pledged as security for the purchase loan. The Legislature declares that enabling legislation in the form of a cooperative recording act is desirable because it would provide a title registration system for cooperative units and would provide additional revenue to county recording offices and to the State of New Jersey by applying the Realty Transfer Tax to proprietary leases issued by cooperatives and assignments thereof which are not presently covered by that tax.  1987,c.381,s.2.
NJ Rev Stat § 46:8D-4 (2021)
2021 New Jersey Revised Statutes|Title 46 - Property|Section 46:8D-4 - Recording of documents

46:8D-4. Recording of documents  A county recording officer shall establish and maintain all appropriate books for the recording of documents which are entitled to be recorded under this act.  1987, c. 381,s.4.
NJ Rev Stat § 46:8D-5 (2021)
2021 New Jersey Revised Statutes|Title 46 - Property|Section 46:8D-5 - Plan of cooperative ownership

46:8D-5. Plan of cooperative ownership  A plan of cooperative ownership is created by recording in the office of the county recording officer of the county wherein the land is located a master declaration and master register of all cooperative units allocated for separate occupancy, each of which documents shall be executed and acknowledged by all owners of the land and shall set forth the matters required by sections 6 and 7 of this act.  1987, c. 381, s.5.
NJ Rev Stat § 46:8D-6 (2021)
2021 New Jersey Revised Statutes|Title 46 - Property|Section 46:8D-6 - Master declaration

46:8D-6. Master declaration  The master declaration for a cooperative shall contain the following elements:  a. A legal description by metes and bounds and tax lot and block of the lands to be dedicated to the cooperative form of ownership.  b. A statement dedicating the land described in the master declaration to the cooperative form of ownership.  c. The name by which the cooperative is to be identified, which name shall include the word "Cooperative" or "Coop."  d. A copy of the recorded deed which vests ownership in the person who signs the master declaration to create the cooperative.  e. A copy of the certificate of incorporation or other organization form creating the association.  f. The bylaws which regulate the cooperative.  g. The master register containing the information required in section 7 of article 2 of this act.  h. A written description and architectural plans prepared to scale by an architect or engineer licensed in New Jersey which detail the improvements existing or to be erected on the lands to create the cooperative and identify the locations and dimensions of the common elements, limited common elements and each cooperative unit. The written description and architectural plans shall be signed, certified and scaled by an engineer or architect authorized to practice his profession in this State. The certification shall state that the description and plans are a correct and accurate representation of the improvements described and shown on the plans.  i. The number of votes which may be cast by each cooperative unit owner at any meeting of the cooperative unit owners.  j. A statement of existing financing which is a lien on the building and the manner in which the financing will be paid and discharged as a lien before or after closing of units.  k. A schedule of owners' percent of common elements which are part of their ownership of shares in the cooperative corporation and which represent their share of common expenses and common surplus.  l. Such other provisions, as may be desired, including but not limited to restrictions or limitations upon the use, occupancy, transfer, leasing or other disposition of any unit (if the restriction or limitation is otherwise permitted by law) and limitations upon the use of common elements.  m. A method of amending the master declaration which requires recording of any amendment in the same office as the master declaration before it becomes effective.  1987, c. 381, s.6.
NJ Rev Stat § 46:8D-7 (2021)
2021 New Jersey Revised Statutes|Title 46 - Property|Section 46:8D-7 - Master register

46:8D-7. Master register  The master register shall contain the following elements:  a. Separate identification of each unit by distinctive letter, name or number or combination thereof.  b. The percent of common ownership representing each owner's proportionate undivided interest in the common elements; the interests shall be stated as percentages aggregating 100%.  c. The name and present address of each present owner and occupant of each identified unit.  1987, c. 381, s.7.
NJ Rev Stat § 46:8D-8 (2021)
2021 New Jersey Revised Statutes|Title 46 - Property|Section 46:8D-8 - Fees

46:8D-8. Fees  The county recording officer in each county shall charge the fees prescribed for recording of real property documents for the recording of the documents required in sections 6 and 7 of this article.  1987, c. 381, s.8.
NJ Rev Stat § 46:8D-9 (2021)
2021 New Jersey Revised Statutes|Title 46 - Property|Section 46:8D-9 - Lands in more than 1 county, state

46:8D-9. Lands in more than 1 county, state  Whenever a proposed cooperative plan involves lands located in more than one county or state, the proponent of the cooperative shall comply with requirements of this article by recording the documents in each county or state in which any portion of the lands is located.  1987, c. 381, s.9.
NJ Rev Stat § 46:8D-10 (2021)
2021 New Jersey Revised Statutes|Title 46 - Property|Section 46:8D-10 - Amendments

46:8D-10. Amendments  The master declaration or master register may be amended in the manner set forth therein; provided that no amendment shall affect any cooperative unit unless the possessor of record thereof and the holders of record of any liens thereon join in the execution of the amendment or execute a consent thereto with the formalities of a deed.  1987, c. 381, s.10.
NJ Rev Stat § 46:8D-11 (2021)
2021 New Jersey Revised Statutes|Title 46 - Property|Section 46:8D-11 - Contents of transfer document, short form memorandum

46:8D-11. Contents of transfer document, short form memorandum  The sale or transfer of a cooperative share by a proprietary lease or an assignment thereof or other like instrument is achieved by the recording of the transfer document or a short form memorandum thereof which is executed and acknowledged in recordable form and which contains the following information:  a. All information set forth in subsections a., b. and c. of section 7 of article 2 of this act and  b. The name of the cooperative as set forth in the master declaration and master register, the name of the political subdivision and county in which the property is located and a reference to the recording office, the book and page where the master declaration and master register and any amendment thereto are recorded.  c. The unit designation as set forth in the master declaration and register.  d. A reference to the last prior transfer of the unit, if previously transferred.  e. A statement of the proportionate undivided interest in the common elements appurtenant to the unit as set forth in the master declaration and master register or any amendments thereof.  f. The full name and address of the transferor and transferee of the unit.  g. An executed and acknowledged consent of the cooperative board of managers authorizing and approving the transfer or assignment.  h. The number of shares transferred.  i. A statement of the full consideration paid for the cooperative unit which includes the purchase price paid plus the amount derived from application of the percent of ownership held in conjunction with the unit to the unpaid balance of the fee or leasehold mortgage encumbering the entire structure as of the date of the transfer or assignment.  j. All other matters, consistent with this act, which the parties may deem appropriate.  1987, c. 381, s.11.
NJ Rev Stat § 46:8D-12 (2021)
2021 New Jersey Revised Statutes|Title 46 - Property|Section 46:8D-12 - Recording of documents

46:8D-12. Recording of documents  The documents referred to in section 11 of this article shall be recorded in the office of the county recording office of the county wherein the land is located. The county clerk or register of deeds, as the case may be, hereinafter referred to as the "county recording officer" shall record the documents in the appropriate book for recording of real property instruments of the type presented plus the documents shall be recorded in the master register for the cooperative by indexing to the identified unit. The provisions of P.L. 1979, c. 406 (C. 46:16A-1 et seq.), commonly referred to as the "Real Property Notice of Settlement Act," are applicable. Each document submitted for recording shall be acknowledged, shall contain the name and signature of the person who prepared the document and shall otherwise be in form required for recordation of real estate documents.  1987, c. 381, s.12.
NJ Rev Stat § 46:8D-13 (2021)
2021 New Jersey Revised Statutes|Title 46 - Property|Section 46:8D-13 - Recording, indexing fees

46:8D-13. Recording, indexing fees  The transferee shall pay the recording fees for each instrument. In addition, the county recording officer shall levy and collect from the transferor, a fee of $1.00 per page for indexing of the transfer in the master register for the cooperative.  1987,c.381, s.13.
NJ Rev Stat § 46:8D-14 (2021)
2021 New Jersey Revised Statutes|Title 46 - Property|Section 46:8D-14 - Recording of financing statement security agreement, lien

46:8D-14. Recording of financing statement security agreement, lien  a. The lender of funds secured by a promissory note and pledge of the stock and proprietary lease of a cooperative unit shall record its lien by the method of recordation provided in the applicable statutes. If the secured transactions laws of N.J.S.12A:9-317 et seq. apply, the lender shall record its financing statement or security agreement in the office of the Secretary of State and the county recording office of the county in which any portion of the lands in which the cooperative unit is located. b. In addition to the recording required pursuant to subsection a. of this section, the cooperative unit lender shall not have a perfected lien unless it records its lien in the master register for the cooperative in the county recording office of the county in which the cooperative unit is located. The lender shall pay to the county recording officer a fee of $1.00 per page for recording of its lien in the master register which shall be in addition to the recording fees applicable to regular recording of the documents. L.1987,c.381,s.15; amended 2001, c.117, s.25.
NJ Rev Stat § 46:8D-15 (2021)
2021 New Jersey Revised Statutes|Title 46 - Property|Section 46:8D-15 - Liens

46:8D-15. Liens  Any lien on a cooperative ownership interest is governed by the law designated in the instrument and selected by the lender for recordation of the lien. Any assignment, modification, release or discharge of the lien shall adhere to the recordation procedures set forth in the law selected by the lender; but each document or a summary memorandum thereof shall also be recorded in the master register for the cooperative at a recording fee of $1.00 per page.  1987, c. 381, s.16.
NJ Rev Stat § 46:8D-16 (2021)
2021 New Jersey Revised Statutes|Title 46 - Property|Section 46:8D-16 - Deed of revocation

46:8D-16. Deed of revocation  Any cooperative property may be removed from the provisions of this act by a deed of revocation duly executed by all unit lessees or the sole owner of the property and the holders of all mortgages or other liens affecting all units and recorded in the master register.  1987, c. 381, s.17.
NJ Rev Stat § 46:8D-17 (2021)
2021 New Jersey Revised Statutes|Title 46 - Property|Section 46:8D-17 - Resubmission permissible

46:8D-17. Resubmission permissible  The removal of any property from the provisions of this act shall not bar the resubmission of the property to the provisions of this act in the manner herein provided.  1987, c. 381, s.18.
NJ Rev Stat § 46:8D-18 (2021)
2021 New Jersey Revised Statutes|Title 46 - Property|Section 46:8D-18 - Adherence to definition of "cooperative"

46:8D-18. Adherence to definition of "cooperative"  a. The Department of Community Affairs shall not accept for registration as a cooperative under "The Planned Real Estate Development Full Disclosure Act," P.L. 1977, c. 419 (C. 45:22A-21 et seq.), any offering plan which would not result in the creation of a "cooperative" as defined in subsection f. of section 3 of this act.  b. No tenant may be removed from a rental premises pursuant to the provisions of section 1 of P.L. 1974, c. 49 (C. 2A:18-61.1) on the grounds that the landlord or owner is converting the property into a cooperative unless the proposed conversion would result in the creation of a "cooperative" as defined in subsection f. of section 3 of this act.  1987, c. 381, s.19.
NJ Rev Stat § 46:9-2 (2021)
2021 New Jersey Revised Statutes|Title 46 - Property|Section 46:9-2 - Covenant of seizin and warranty

46:9-2. Covenant of seizin and warranty  A covenant in any mortgage in the words, "That the mortgagor warrants the title to the premises" shall be construed to have the same force and effect as the following words: That he covenants with the said mortgagee that he is seized of an indefeasible estate in fee simple in said premises, and will warrant and forever defend the title thereof unto the said mortgagee, his executors, administrators, successors and assigns, against all lawful claims whatsoever.
NJ Rev Stat § 46:9-3 (2021)
2021 New Jersey Revised Statutes|Title 46 - Property|Section 46:9-3 - Covenant as to taxes paid

46:9-3. Covenant as to taxes paid  A covenant by the mortgagor in a mortgage, "That no owner of the mortgaged property shall be entitled to any credit by reason of the payment of any tax thereon" shall be construed to mean that the mortgagor, for himself, his heirs, executors, administrators, successors and assigns, covenants with the holder of the mortgage that he and they will not, by reason of the payment of any tax, assessment or other municipal charge or imposition, claim any credit on account of the principal or interest due or to grow due on said mortgage or the bond or obligation intended to be secured thereby, and that should said mortgagor, his heirs, executors, administrators, successors or assigns, fail to pay any tax, assessment or other governmental charge, then and in that event the holder of the mortgage may at his option pay such tax, assessment or other governmental charge and the amount when so paid shall be added to and become part of the principal sum then due upon the bond or obligation referred to in said mortgage, and be secured by said mortgage and shall be payable on demand with legal interest.