New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 26 - PLANNED REAL ESTATE DEVELOPMENT FULL DISCLOSURE ACT REGULATIONS › Subchapter 2 - REGISTRATION › Section 5:26-2.2 - Exemptions

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Unless the method of
				disposition is adopted for purposes of evasion, the provisions of these rules shall
				not apply to offers or dispositions:
1. By an
				owner for his or her own account in a single or isolated transaction;
2. Wholly for industrial, commercial, or other
				non-residential purposes;
3. Pursuant to
				court order;
4. By the United States, by
				this State or any of its agencies or political subdivisions;
5. Of real property located without the
				State;
6. Of cemetery lots or
				interests;
7. Of less than 100 lots,
				parcels, units or interests; provided, however, that, with regard to condominiums,
				cooperatives or retirement communities, this exemption shall not apply, irrespective
				of the number of lots, parcels, units or interests offered or disposed of;
8. Of developments where the common elements or
				interests, which would otherwise subject the offering to the Act, are limited to the
				provision of unimproved, unencumbered open space;
9. In a development composed wholly of rental
				units, where the relationship created is one of landlord and tenant;
10. Where the offering is not part of a larger
				offering and consists of fewer than 10 lots, parcels, units or interests, or where
				the offering consists entirely of units affordable to persons of low or moderate
				income, as determined in accordance with the "Fair Housing Act," P.L. 1985, c.222
				(52:27D-301 et seq.), and legally
				restricted to assure continued affordability in accordance with N.J.A.C. 5:14-4,
				N.J.A.C. 5:80-26, and/or N.J.A.C. 5:92-12, or where the Agency otherwise finds that
				the enforcement of the Act is not necessary in the public interest or for the
				protection of purchasers by reason of the small amount of the purchase price, or the
				limited character of the offering, or the limited nature of the common or shared
				elements; provided, however, that as a condition of any exemption granted under this
				paragraph, the developer shall disclose to prospective purchasers, in a format
				acceptable to the Agency, such information and documentation as the Agency may deem
				appropriate, including, without limitation, the following:
i. The name, address and telephone number of the
				developer and of any designated agent;
ii. The total number of units proposed for the
				entire development and the scheduled completion dates;
iii. The total number of units currently being
				offered and the date by which the current phase of construction is scheduled to be
				completed;
iv. The types of units being
				offered (for example, detached homes, townhouses, apartments, non-residential units)
				and the number of units being offered in each category;
v. Whether or not there is a flood hazard zone on
				or adjacent to the site;
vi. Information
				as to who will control the association and when control by the homeowners will
				begin;
vii. A statement as to who may
				use common facilities;
viii. Information
				as to how a prospective purchaser may review the declaration of covenants and
				restrictions, the by-laws of the association, and the rules and regulations, if any,
				governing the operation of the development;
ix. A list of management contracts that are or
				will be in effect and information as to how a prospective purchaser may review any
				current management contract or proposed maintenance agreement;
x. A statement of the relationship of the
				developer to the service provider, if any;
xi. The amount that it is reasonably anticipated
				that a prospective purchaser would be required to pay, currently and in the near
				future, for the operation and maintenance of the common facilities, including the
				amount set aside for reserves, and information as to how a prospective purchaser may
				review the current budget; and
xii.
				Information as to how a prospective purchaser may review a copy of the final plat
				plan, as approved and signed by the local planning board, showing all amenities,
				facilities and improvements; or
11. Of any form of timesharing.