New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 24 - CONDOMINIUM, FEE SIMPLE, AND COOPERATIVE CONVERSION AND MOBILE HOME PARK RETIREMENT › Subchapter 1 - GENERAL PROVISIONS › Section 5:24-1.5 - Full plan of conversion

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The "full plan of
				conversion shall contain the documents and information required in (d) below and in
				either (b) or (c) below, as may be appropriate, and shall be in compliance with the
				requirements of (e) and (f) below.
(b)
				The full plan of condominium or fee simple conversion shall contain the following
				documents and information:
1. A legal description
				of the property to be converted together with a map showing the site plan and
				typical floor plans;
2. The price of the
				unit being offered;
3. Terms of sale,
				including copies of sales agreements, financial arrangements, mortgages, and so
				forth;
4. Copies of the instruments
				which will be delivered to the purchaser to evidence his interest in the condominium
				including the unit deed, master deed, bylaws of the condominium association, and
				such other instruments required to secure purchaser in the possessing of his
				unit;
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;
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.