reglab/statecodes huggingface dataset:
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 26 - PLANNED REAL ESTATE DEVELOPMENT FULL DISCLOSURE ACT REGULATIONS › Subchapter 3 - APPLICATION FOR REGISTRATION › Section 5:26-3.2 - Form of the application for registration

Current through Register Vol. 56, No. 14, July 15, 2024
(a) An application for
				registration shall be submitted in the following form:
1. Two sets of the information and documents
				required to be filed shall be submitted in separate binders, fastened at the top in
				such a manner as to permit the reading of each page without requiring removal. The
				two required copies of the Public Offering Statement shall be submitted in separate
				binders. The items set forth in
				5:26-3.1(a)2  need not
				be submitted for developments of 24 or fewer units.
2. All information and documents shall be arranged
				in the order set forth in
				5:26-3.1;
3. Each binder shall note the name and address of
				the developer and the name and address of the person responsible for the preparation
				of the application on the front cover;
4. The first page shall be a table of
				contents;
5. The right side of the first
				page of each section shall bear a tab numbered in conformity with the table of
				contents. Each tab shall be visible without the necessity of lifting any other
				tab;
6. If a section or document is
				omitted, a single sheet of paper, properly tabbed, shall be inserted containing a
				description of what is omitted and an explanation as to the reason for the
				omission;
7. With the exception of maps,
				drawings, surveys and the like, all documents shall be no smaller than 8 1/2 x 11
				inches nor more than 8 1/2 x 14 inches.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 26 - PLANNED REAL ESTATE DEVELOPMENT FULL DISCLOSURE ACT REGULATIONS › Subchapter 3 - APPLICATION FOR REGISTRATION › Section 5:26-3.3 - Amendment of the application for registration

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Developers shall
				immediately report to the Agency any changes in the information or documents
				contained in the application for registration, with a request for an amendment of
				the application of registration.
(b) No
				changes in the substance or intent of the promotional plan or the plan of
				disposition or development shall be made unless such change has been approved by the
				Agency by way of amendment to the application for registration.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 26 - PLANNED REAL ESTATE DEVELOPMENT FULL DISCLOSURE ACT REGULATIONS › Subchapter 3 - APPLICATION FOR REGISTRATION › Section 5:26-3.4 - Review of requests for amendment

Current through Register Vol. 56, No. 14, July 15, 2024
The Agency shall process and review requests for amendments of an
				  application for registration in accordance with the standards and procedures
				  established in this chapter for review of application for registration. Requests for
				  amendment, other than price changes and advertising, shall be accompanied by a fee
				  of $ 250.00.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 26 - PLANNED REAL ESTATE DEVELOPMENT FULL DISCLOSURE ACT REGULATIONS › Subchapter 3 - APPLICATION FOR REGISTRATION › Section 5:26-3.5 - Public inspection of application for registration

Current through Register Vol. 56, No. 14, July 15, 2024
The Agency shall maintain a copy of every application for
				  registration together with all amendments thereto that have been approved and shall
				  make them reasonably available for public inspection during ordinary business hours
				  at the Agency's office.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 26 - PLANNED REAL ESTATE DEVELOPMENT FULL DISCLOSURE ACT REGULATIONS › Subchapter 3 - APPLICATION FOR REGISTRATION › Section 5:26-3.6 - Copies of the application for registration; fee

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The Agency shall
				comply with all reasonable requests for copies of an application for registration,
				together with all amendments thereto.
(b) The Agency shall charge a fee for such copies
				equal to the cost of reproduction of the application for registration, with
				amendments, plus any cost of postage.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 26 - PLANNED REAL ESTATE DEVELOPMENT FULL DISCLOSURE ACT REGULATIONS › Subchapter 4 - PUBLIC OFFERING STATEMENT › Section 5:26-4.1 - Public offering statement required

Current through Register Vol. 56, No. 14, July 15, 2024
(a) No developer may
				dispose of any lot, parcel, unit or interest in a planned real estate development or
				retirement community unless said developer delivers to the purchaser a current
				public offering statement on or before the contract date.
1. The Public Offering Statement for new
				construction applications may be prepared in two parts. Part I shall be in narrative
				form and shall consist of the information required by
				5:26-4.2(a)1  through
				6, 7i, 8, 9i, 10, 12, 14 and 15 through 23. Part II shall consist of the documents
				required by 5:26-4.2(a)7  ii
				through 9ii, 11, 13 and 22.
2. For new
				construction applications containing 24 or fewer units, the information specified in
				5:26-4.2(a)4  need not
				be included.
3. Public Offering
				Statements for the conversion of existing buildings shall include all information
				required by this subchapter and N.J.A.C. 5:26-9.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 26 - PLANNED REAL ESTATE DEVELOPMENT FULL DISCLOSURE ACT REGULATIONS › Subchapter 4 - PUBLIC OFFERING STATEMENT › Section 5:26-4.3 - Form

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The public offering
				statement shall be in the following form:
1. A
				front cover shall contain the name and address of the developer, the name and
				location of the planned real estate development or retirement community, the
				effective date of the offering statement, which shall be the date of registration by
				the Agency, and shall contain the following statement in 10-point bold type:
NOTICE TO PURCHASERS
THE PUBLIC OFFERINGS STATEMENT IS FOR INFORMATIONAL PURPOSES ONLY.
				  PURCHASERS SHOULD ASCERTAIN FOR THEMSELVES THAT THE PROPERTY OFFERED MEETS THEIR
				  PERSONAL REQUIREMENTS. THE NEW JERSEY DIVISION OF CODES AND STANDARDS HAS NEITHER
				  APPROVED NOR DISAPPROVED THE MERITS OF THIS OFFERING. BE SURE TO READ CAREFULLY ALL
				  DOCUMENTS BEFORE YOU SIGN THEM.
2. A reasonably detailed table of contents showing
				the subject matter of the various sections, subsections or documents contained in
				the public offering statement and the page number on which each appears.
3. As set forth in
				5:26-4.1(a), with
				respect to new construction projects. Part I of the Public Offering Statement shall
				be in narrative form and, in addition to the items set forth in
				5:26-4.1(a), shall
				contain an explanation that the documents referred to in Part I will be provided to
				prospective purchasers at or prior to the time a contract is executed.
4. The public offering statement shall be printed
				on good quality unglazed white paper no smaller than 8 1/2 x 11 inches nor larger
				than 8 1/2 x 14 inches. The cover may be of a different color provided the printed
				material contained thereon shall be legible.
5. No portion of the public offering statement may
				be underscored, italicized, or printed in larger, heavier or different color type
				than the remainder of the statement unless required or permitted by the
				Agency.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 26 - PLANNED REAL ESTATE DEVELOPMENT FULL DISCLOSURE ACT REGULATIONS › Subchapter 4 - PUBLIC OFFERING STATEMENT › Section 5:26-4.4 - Filing

Current through Register Vol. 56, No. 14, July 15, 2024
Two copies of the proposed public offering statement shall be
				  filed with the application for registration and, if the Agency requires revision to
				  the proposed public offering statement, two copies of the revised public offering
				  statement.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 26 - PLANNED REAL ESTATE DEVELOPMENT FULL DISCLOSURE ACT REGULATIONS › Subchapter 4 - PUBLIC OFFERING STATEMENT › Section 5:26-4.5 - Amendment of the public offering statement

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Developers shall
				immediately report to the Agency any material change in the information or documents
				contained in the public offering statement, with a request for amendments.
(b) No change in the public offering statement
				given to prospective purchasers shall be made without having been registered with
				the Agency.
(c) Amendments and
				corrections to the public offering statement shall be by replacement of the amended
				or corrected material by paste-over or permanent means.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 26 - PLANNED REAL ESTATE DEVELOPMENT FULL DISCLOSURE ACT REGULATIONS › Subchapter 4 - PUBLIC OFFERING STATEMENT › Section 5:26-4.6 - Review of requests for amendments

Current through Register Vol. 56, No. 14, July 15, 2024
The Agency shall process and review requests for amendments of a
				  public offering statement in accordance with the standards and procedures
				  established in this chapter for review of a public offering statement.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 26 - PLANNED REAL ESTATE DEVELOPMENT FULL DISCLOSURE ACT REGULATIONS › Subchapter 4 - PUBLIC OFFERING STATEMENT › Section 5:26-4.7 - Use of the public offering statement

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The public offering
				statement shall not be used for any promotional purposes before registration of the
				development and thereafter only if used in its entirety.
(b) No person shall represent or imply that the
				Agency approves or recommends the planned real estate development or retirement
				community.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 26 - PLANNED REAL ESTATE DEVELOPMENT FULL DISCLOSURE ACT REGULATIONS › Subchapter 5 - ADVERTISING › Section 5:26-5.1 - General standards

Current through Register Vol. 56, No. 14, July 15, 2024
All advertising which is used by or on behalf of the developer to
				  promote a planned real estate development or retirement community shall be accurate,
				  provable, truthful and not misleading so as to fully inform the public and foster
				  their understanding and trust.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 26 - PLANNED REAL ESTATE DEVELOPMENT FULL DISCLOSURE ACT REGULATIONS › Subchapter 6 - CONTRACTS › Section 5:26-6.1 - General standards

Current through Register Vol. 56, No. 14, July 15, 2024
All contracts or agreements for the disposition of a lot, parcel,
				  unit or interest in a planned real estate development or retirement community shall
				  be fair and reasonable and shall not impose undue restrictions or hardship upon the
				  purchaser.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 26 - PLANNED REAL ESTATE DEVELOPMENT FULL DISCLOSURE ACT REGULATIONS › Subchapter 6 - CONTRACTS › Section 5:26-6.2 - Cancellation

Current through Register Vol. 56, No. 14, July 15, 2024
Any contract or agreement for the purchase of any lot, parcel,
				  unit or interest in a planned real estate development or retirement community may be
				  cancelled without cause, by the purchaser, by sending or delivering written notice
				  of cancellation by midnight of the seventh calendar day following the date on which
				  such contract or agreement was executed.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 26 - PLANNED REAL ESTATE DEVELOPMENT FULL DISCLOSURE ACT REGULATIONS › Subchapter 6 - CONTRACTS › Section 5:26-6.3 - Notice of cancellation

Current through Register Vol. 56, No. 14, July 15, 2024
Every contract or agreement shall contain the following notice in
				  10-point boldface type or larger, directly above the space provided for the
				  signature of the purchaser.
NOTICE TO THE PURCHASER: YOU HAVE THE RIGHT TO CANCEL THIS
				  CONTRACT OR AGREEMENT BY SENDING OR DELIVERING WRITTEN NOTICE OF CANCELLATION TO THE
				  DEVELOPER BY MIDNIGHT OF THE SEVENTH CALENDAR DAY FOLLOWING THE DAY ON WHICH IT WAS
				  EXECUTED. SUCH CANCELLATION IS WITHOUT PENALTY, AND ALL MONIES PAID BY YOU SHALL BE
				  PROMPTLY REFUNDED IN THEIR ENTIRETY.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 26 - PLANNED REAL ESTATE DEVELOPMENT FULL DISCLOSURE ACT REGULATIONS › Subchapter 6 - CONTRACTS › Section 5:26-6.4 - Deposits

Current through Register Vol. 56, No. 14, July 15, 2024
All deposits, down payments, or other funds paid to a developer
				  by a purchaser shall be held in a separate trust account in a banking or similar
				  institution located within this State or deposited with any attorney licensed to
				  practice law in this State, until closing or termination of the contract or until a
				  bond or other guarantee acceptable to the Agency is provided. In no event shall the
				  escrow be released before the expiration of the seven day rescission period.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 26 - PLANNED REAL ESTATE DEVELOPMENT FULL DISCLOSURE ACT REGULATIONS › Subchapter 6 - CONTRACTS › Section 5:26-6.5 - Provisions prohibited

Current through Register Vol. 56, No. 14, July 15, 2024
(a) It shall be unfair
				and unreasonable for any of the following clauses or provisions to appear in a
				contract or agreement for the disposition of a lot, parcel, unit or interest in a
				planned real estate development or retirement community:
1. A clause or provision necessitating the
				forfeiture of more than 10 percent of the purchase price plus the cost of any extras
				installed as liquidated damages in the event of non-compliance;
2. A clause or provision requiring the purchase to
				close prior to the issuance of a temporary certificate of occupancy on his
				unit;
3. A clause or provision requiring
				the purchaser to waive any right granted by the Act or this chapter;
4. A clause or provision requiring the purchaser
				to close prior to the date specified in the contract;
5. A clause or provision giving the developer the
				right of entry in, over or through the purchaser's lot, parcel, unit or interest
				after closing, other than for construction, repair, emergency matters or by
				governmental order or requirement;
6. A
				clause or provision permitting the substitution of materials or equipment by the
				developer that are not comparable without the prior written consent of the
				purchaser;
7. A clause or provision
				requiring the adjustment of taxes, municipal charges, utility rents, hazard
				insurance premiums, or any other adjustments as of any date other than closing or
				possession, whichever comes first;
8. A
				clause or provision giving the developer the right to increase the purchase price of
				the lot, parcel, unit or interest without requiring 60 days notice to the purchaser
				of the increase and without allowing the right of rescission within 10 days of said
				notice;
9. A clause or provision
				providing that a closing date may be delayed due to circumstances involving weather,
				strikes, lockouts or other labor disputes involving the developer or the suppliers,
				delays in the issuance of permits or inspections, or any other similar reasons
				unless there is a time limit placed on the permissible delay after which the
				purchaser may terminate the contract without penalty;
10. A clause or provision giving the developer,
				the association, the governing board of the association or their agents the option
				of repurchase, the right of first refusal or other similar option or
				right.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 26 - PLANNED REAL ESTATE DEVELOPMENT FULL DISCLOSURE ACT REGULATIONS › Subchapter 6 - CONTRACTS › Section 5:26-6.6 - Mandatory provisions

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Every contract or
				agreement for the purchase of a lot, parcel, unit or interest in a planned real
				estate development or retirement community shall contain clauses and provisions to
				include the following, in addition to the requirement of notice of cancellation as
				in 5:26-6.3:
1. A clause or provision providing that all
				deposits or money paid under the contract or agreement shall be held in escrow until
				closing or termination of the contract or agreement, or until a bond or other
				guarantee acceptable to the Agency is provided. There shall also be stated the name
				of the institution where the escrow account is located or name of the attorney in
				whose trust account the funds are deposited and the fact that the escrow will exist
				for at least the seven day rescission period;
2. A clause or provision that if the contract or
				agreement is subject to a mortgage contingency, the mortgage commitment be obtained
				within a specific period of time and if it is not obtained within that time, either
				party may cancel the contract or agreement upon written notice to the other, without
				penalty;
3. A clause or provision
				providing for the right of inspection by the purchaser of the lot, parcel, unit or
				interest prior to closing. Said inspection shall be within a reasonable period of
				time prior to closing;
4. A clause or
				provision providing reimbursement to the purchaser of the cost of title searches or
				surveys in the event title to a lot, parcel, unit or interest is found to be
				unmarketable;
5. A clause or provision
				that the purchaser is receiving a proportionate undivided interest in the common
				elements and/or facilities and stating what that interest is;
6. A clause or provision stating the type of deed
				to be given to the purchaser;
7. A
				statement, near the signature line, stating that the purchaser has received a copy
				of the public offering statement.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 26 - PLANNED REAL ESTATE DEVELOPMENT FULL DISCLOSURE ACT REGULATIONS › Subchapter 7 - WARRANTIES › Section 5:26-7.1 - Warranty on construction

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The developer of a
				planned real estate development or retirement community shall warrant the
				construction of the unit or interest as provided in the New Home Warranty and
				Builders' Registration Act, c.467, P.L. 1977.
(b) The developer of a planned real estate
				development or retirement community shall, in addition to the warranties required
				under the New Home Warranty and Builders' Registration Act ( P.L. 1977, c.467),
				warrant the following to be free from defect due to material and workmanship for a
				period of one year from the date of possession or settlement: outbuildings,
				driveways, walkways, patios, retaining walls, and fences. The developer shall also
				warrant that all drainage is proper and adequate and that all off site improvements
				are free from defects for a period of one year from the date of
				construction.
(c) Developer shall
				warrant that all lots, parcels, units or interests are fit for their intended
				use.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 26 - PLANNED REAL ESTATE DEVELOPMENT FULL DISCLOSURE ACT REGULATIONS › Subchapter 7 - WARRANTIES › Section 5:26-7.2 - Warranty on construction of common facilities

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The developer of a
				planned real estate development or retirement community shall warrant the
				construction of the common facilities for a period of two years from the date of the
				completion of each of the common facilities;
(b) The developer shall warrant that the common
				facilities are fit for their intended use;
(c) The developer shall repair or correct any
				defect in construction, material or workmanship in the common facilities within a
				reasonable time after notification of the defect.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 26 - PLANNED REAL ESTATE DEVELOPMENT FULL DISCLOSURE ACT REGULATIONS › Subchapter 7 - WARRANTIES › Section 5:26-7.3 - Warranty as to description

Current through Register Vol. 56, No. 14, July 15, 2024
The developer shall expressly warrant that any lot, parcel, unit,
				  interest, or common facility will substantially conform to the model, description or
				  plans used to induce the purchaser to enter into a contract or agreement to purchase
				  unless noted otherwise in the contract.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 26 - PLANNED REAL ESTATE DEVELOPMENT FULL DISCLOSURE ACT REGULATIONS › Subchapter 8 - COMMUNITY ASSOCIATIONS › Section 5:26-8.1 - Formation of the association

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The developer shall
				form, or cause to be formed, an association whose obligation it shall be to manage
				the common elements and facilities.
1. An
				association may be formed as a for-profit or nonprofit corporation, unincorporated
				association, or any other form allowed by law.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 26 - PLANNED REAL ESTATE DEVELOPMENT FULL DISCLOSURE ACT REGULATIONS › Subchapter 8 - COMMUNITY ASSOCIATIONS › Section 5:26-8.2 - Association powers and responsibilities

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Subject to the
				master deed, declaration of covenants, bylaws, and restrictions or other instruments
				of creation, the association may do all that it is legally entitled to do under the
				laws applicable to its form of organization. The executive board of the association
				may act in all instances on behalf of the association.
(b) The association shall discharge its powers in
				a manner that protects and furthers the health, safety and general welfare of the
				residents of the community.
(c) The
				association shall provide a fair and efficient procedure for the resolution of
				disputes between individual unit owners and the association, and between different
				unit owners, that shall be readily available as an alternative to
				litigation.
(d) All meetings of the
				association that are required by law to be open to all unit owners shall be held at
				a location within the development or, if there is no suitable meeting room within
				the development, at a suitable meeting room either elsewhere in the municipality in
				which the development is located or in an adjoining municipality.
1. A meeting room shall not be deemed to be
				suitable if it is not large enough to accommodate a reasonable number of unit owners
				who might wish to attend an open meeting.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 26 - PLANNED REAL ESTATE DEVELOPMENT FULL DISCLOSURE ACT REGULATIONS › Subchapter 8 - COMMUNITY ASSOCIATIONS › Section 5:26-8.4 - Administration and control

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A developer who
				retains at least one unit as a rental unit shall not be entitled to an automatic
				seat on the executive board.
(b) A
				developer who has stopped selling units in the regular course of business shall not
				be entitled to an automatic seat on the executive board.
1. This shall not be construed to prevent a
				developer from being a candidate for a position on the executive board.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 26 - PLANNED REAL ESTATE DEVELOPMENT FULL DISCLOSURE ACT REGULATIONS › Subchapter 8 - COMMUNITY ASSOCIATIONS › Section 5:26-8.5 - Termination of agreements and contracts affecting common elements and facilities

Current through Register Vol. 56, No. 14, July 15, 2024
Any contract or agreement affecting the use, maintenance,
				  management or access of the common elements and facilities entered into between the
				  developer and itself or a company owned, operated or controlled by the developer or
				  in which it has a financial interest prior to the owners being entitled to elect a
				  majority of the members of the board, shall not be entered into for a period in
				  excess of one year. Such contracts or agreements shall not be renewed for periods in
				  excess of one year and the association may, at the expiration of any one year
				  period, terminate any further renewals or extensions thereof.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 26 - PLANNED REAL ESTATE DEVELOPMENT FULL DISCLOSURE ACT REGULATIONS › Subchapter 8 - COMMUNITY ASSOCIATIONS › Section 5:26-8.6 - Assessments for common expenses

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Until such time as
				the association shall make an assessment for common expenses, the developer, while
				in control of the association, shall pay all of the expenses of the common elements
				and facilities, except as provided at (a)1i below. Upon acquisition of title to a
				unit, each new association member may be required to make a one-time, non-refundable
				and non-transferable, working capital contribution. The working capital contribution
				shall be assessed in accordance with the governing documents of the association, but
				in no event shall the working capital contribution exceed nine times the amount of
				the monthly common expense assessment for that unit at the time of closing. During
				developer control of the association's governing board, working capital funds shall
				be held in a separate account located in a bank that is FDIC-insured and authorized
				to do business in the State of New Jersey.
1. The
				intent of the working capital assessment is to provide the association with cash
				flow until the association begins receiving common expense assessments. Working
				capital assessment funds shall be used for one-time expenses limited to association
				startup operations. Startup operations may include on-site office equipment, utility
				deposits, and similar one-time expenses needed to establish an association, but
				shall not include any costs related to construction of a management office, or any
				expenses for off-site equipment.
i. Working capital
				assessment funds may be used to pay for unforeseen, unanticipated expenses in lieu
				of a special assessment. The term "unforeseen or unanticipated expenses" means those
				expenses that could not be reasonably anticipated at the time the annual budget was
				adopted by the association board. Unforeseen or unanticipated expenses shall not
				include: expenses that are normal or customary for the association and are the
				purpose for which the budget was adopted; expenses for capital improvements,
				reserves, or repairs to items of defective construction; or a budget deficit or a
				deficit in the association funds resulting from a difference between the number of
				units, pursuant to
				N.J.A.C.
				5:26-8.7, that the developer calculated would be
				closed during the year or the date by which such closings would occur and the number
				of units actually conveyed or the actual dates when closed.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 26 - PLANNED REAL ESTATE DEVELOPMENT FULL DISCLOSURE ACT REGULATIONS › Subchapter 8 - COMMUNITY ASSOCIATIONS › Section 5:26-8.8 - Membership in the association

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Upon acceptance
				of a deed to the unit, each owner shall be an association member for so long as he
				or she holds title to the unit.
(b) The
				developer shall have one membership in the association for each unit registered
				pursuant to this chapter that has not been conveyed to an individual purchaser.
1. This subsection shall not be construed to
				provide the developer a different transition obligation than that required pursuant
				to Section 5 of P.L. 1993, c. 30 (N.J.S.A.
				45:22A-47).
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 26 - PLANNED REAL ESTATE DEVELOPMENT FULL DISCLOSURE ACT REGULATIONS › Subchapter 8 - COMMUNITY ASSOCIATIONS › Section 5:26-8.9 - Executive board elections

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The executive
				board shall be elected by association members and voting eligible tenants.
1. The developer shall not be entitled to cast
				votes in any executive board elections while the developer maintains a seat or seats
				on the board pursuant to Section 5 of
				P.L.
				1993, c. 30 (N.J. S.A. 45:22A-47).
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 26 - PLANNED REAL ESTATE DEVELOPMENT FULL DISCLOSURE ACT REGULATIONS › Subchapter 8 - COMMUNITY ASSOCIATIONS › Section 5:26-8.10 - Representation

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The association
				bylaws may provide for representation on the executive board for owners with
				different unit types. Such owners shall be afforded the right to nominate members of
				the executive board to ensure representation of their unit types on the board.
1. Different unit types shall include units of
				different value, size, nature, or geographical area within the development, based on
				the number of units in a category to ensure representation on the board for that
				type.
2. When affordable units , in
				accordance with the New Jersey Fair Housing Act,
				N.J.S.A.
				52:27D-304, represent a minority of units in the
				development, the bylaws shall reserve a seat or seats on the executive board for
				election by owners of affordable units.
3. Regardless of their number or value, owners of
				commercial units in the development shall not constitute a majority of the executive
				board.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 26 - PLANNED REAL ESTATE DEVELOPMENT FULL DISCLOSURE ACT REGULATIONS › Subchapter 8 - COMMUNITY ASSOCIATIONS › Section 5:26-8.11 - Appointments, removals, and executive board vacancies

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Elections shall comply with State laws and the
				bylaws of the association.
(b) A board
				member shall be removed only in accordance with the bylaws or by the board for good
				cause directly impacting the member's ability to serve.
1. The board shall not remove an elected member
				for disagreeing with the majority or for violating any confidentiality agreement
				without affording the elected member Alternative Dispute Resolution (ADR) in which
				the ADR provider concludes from substantial credible evidence that there was a
				breach that adversely affected the interests of the association members as opposed
				to that of the executive board.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 26 - PLANNED REAL ESTATE DEVELOPMENT FULL DISCLOSURE ACT REGULATIONS › Subchapter 8 - COMMUNITY ASSOCIATIONS › Section 5:26-8.12 - Open meetings

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The bylaws of the
				association shall include a requirement that meetings of the executive board where a
				binding vote of the executive board is to be taken shall be open to attendance by
				all association members and voting-eligible tenants, as applicable.
1. A binding vote is a vote made with a quorum of
				the executive board members present.
2.
				The board shall provide a brief explanation of the basis for and cost entailed in
				the matter that is the subject of any binding vote and include the explanation in
				the minutes for the meeting.
3.
				Associations may adopt a policy for comments by association members and voting
				eligible tenants during meetings. Such policy shall be applied
				uniformly.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 26 - PLANNED REAL ESTATE DEVELOPMENT FULL DISCLOSURE ACT REGULATIONS › Subchapter 8 - COMMUNITY ASSOCIATIONS › Section 5:26-8.13 - Amendments to the bylaws

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The bylaws shall
				detail the method in which the bylaws may be Adopted.
(b) No amendments to the bylaws shall be effective
				until they are recorded in the same county Clerk's Office as the existing bylaws.
1. The amendments to the bylaws shall be recorded
				in the same county Clerk's Office as the existing bylaws in a timely manner. The
				association shall maintain a record of the filing, which shall be available to any
				owner or designee of an owner, upon request.
2. An association that is not required to file
				bylaws with the county clerk's office shall not be required to record its bylaws in
				the county clerk's office. Such an association shall provide a full set of all
				validly adopted bylaws and any amendments to owners at the time of closing, and a
				copy of the bylaws shall be available to any owner or designee of an owner upon
				request.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 26 - PLANNED REAL ESTATE DEVELOPMENT FULL DISCLOSURE ACT REGULATIONS › Subchapter 8 - COMMUNITY ASSOCIATIONS › Section 5:26-8.14 - Complaints and penalties

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Any unit owner
				may file a complaint with the Department concerning any matter subject to the rules
				at N.J.A.C. 5:26-8.8 through 8.13.
1. Such
				complaint shall be in writing and shall be on a form approved by the Department for
				this purpose. It may be submitted electronically through the Bureau's website,
				mailed to the address below, or submitted by fax. Physical copies of the required
				complaint form may be downloaded at (website to be added upon adoption) or requested
				through the Department at:
Association Regulation Unit
101 South Broad Street
Post Office Box 805
Trenton, New Jersey 08625
Telephone: 609-984-7574
Fax: 609-292-2839
2. The complaint shall include a clear, factual
				statement of the issue and shall include any applicable documentation to support
				such statement. The Department shall not conduct a review until the complaint is
				complete.
3. The complaint must be
				submitted at least ten business days prior to any scheduled upcoming election in
				order for the Department to issue any relief as to that election. Upon receipt of
				the complaint, the Department shall complete a review of the complaint and make a
				determination of the appropriate action as set forth in (e) below.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 26 - PLANNED REAL ESTATE DEVELOPMENT FULL DISCLOSURE ACT REGULATIONS › Subchapter 9 - CONVERSIONS › Section 5:26-9.1 - Requirements

Current through Register Vol. 56, No. 14, July 15, 2024
(a) In addition to the
				requirements set forth in
				5:26-4.2 (Contents of public offering
				statement), the developer shall, in the case of conversion from a residential rental
				or hotel use to a condominium, cooperative, time-sharing venture, or other planned
				real estate development, include in the public offering statement the following
				information:
1. The price at which the lot,
				parcel, unit or interest will be offered;
2. An audited statement of expenses for the
				property for the past five years or for a shorter period as permitted by the Agency
				due to extenuating circumstances, certified by an independent public
				account;
3. An engineering survey, in
				the form set forth in the appendix, prepared by a licensed professional engineer,
				which shall include mechanical, structural, electrical and engineering reports to
				disclose the condition of the building, as well as an energy audit, in a form
				approved by the Agency, setting forth the energy efficiency of the building.
i. The engineer who prepares the survey shall
				certify to the Agency whether, in his or her judgment, the building is in compliance
				with the code standards adopted under the Hotel and Multiple Dwelling Law and set
				forth at N.J.A.C. 5:10 and with the code standards adopted under the Uniform Fire
				Safety Act and set forth at N.J.A.C. 5:18, and shall list all outstanding violations
				then existing in accordance with his or her observation and judgment.
ii. As provided by P.L. 1991, c.509, the engineer
				shall be immune from tort liability with regard to such certification and list in
				the same manner, and to the same extent, as if he or she were a public employee
				protected by the New Jersey Tort Claims Act.
iii. As further provided in P.L. 1991, c.509, in
				the event of any discrepancy between the engineering survey submitted by the
				developer and an engineering survey submitted by any tenant(s), the Agency may have
				another engineering survey done for it at the developer's sole cost and
				expense.
4. A statement of
				the effect on prospective owners of the New Jersey Statute Governing Removal of
				Tenants (2A:18-61.1 et seq.), the Senior
				Citizens and Disabled Protected Tenancy Act (2A:18-61.2 2 et seq.) and, if the
				building is located in Hudson County, the Tenant Protection Act of 1992
				(2A:18-61.4 0 et seq.), and the rules
				promulgated thereunder at N.J.A.C. 5:24.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 26 - PLANNED REAL ESTATE DEVELOPMENT FULL DISCLOSURE ACT REGULATIONS › Subchapter 9 - CONVERSIONS › Section 5:26-9.2 - Compliance with statutes and rules governing tenant removal and protected tenancy

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The developer shall
				conform to the requirements of the New Jersey Statute Governing Removal of Tenants,
				P.L. 1974, c.49 and P.L. 1977, c.419 (2A:18-61.1 et seq.) and
				the rules promulgated thereunder at
				5:24-1.1 et seq.
(b) The developer shall conform to the
				requirements set forth in the Senior Citizens and Disabled Protected Tenancy Act,
				P.L. 1981, c.226 (2A:18-61.2 2 et seq.) and the rules
				promulgated thereunder at
				5:24-2.1 et seq.
(c) If the building is located in Hudson County,
				the developer shall conform to the requirements of the Tenant Protection Act of
				1992, P.L. 1991, c.509 (2A:18-61.4 0 et seq.) and the rules
				promulgated thereunder at N.J.A.C. 5:24-3.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 26 - PLANNED REAL ESTATE DEVELOPMENT FULL DISCLOSURE ACT REGULATIONS › Subchapter 9 - CONVERSIONS › Section 5:26-9.3 - Public Offering Statement

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Simultaneously with
				the filing of an application for registration with the Agency, the developer shall
				serve upon all tenants in the building a copy of the proposed Public Offering
				Statement and file an affidavit of service with the Agency within 10 days.
1. The proposed Public Offering Statement that is
				given to the tenants shall contain the following statement on the first page:
THIS IS THE PROPOSED PUBLIC OFFERING STATEMENT SUBMITTED TO THE
				  DIVISION OF CODES AND STANDARDS, DEPARTMENT OF COMMUNITY AFFAIRS, IN AN APPLICATION
				  FOR REGISTRATION TO CONVERT THE BUILDING TO A CONDOMINIUM OR COOPERATIVE. THIS
				  STATEMENT IS SUBJECT TO CHANGE. THE DEPARTMENT OF COMMUNITY AFFAIRS WILL ACCEPT
				  WRITTEN COMMENTS CONCERNING THIS STATEMENT FOR A PERIOD OF 45 DAYS. ALL COMMENTS
				  SHOULD BE ADDRESSED TO:
Department of Community Affairs
Planned Real Estate Development Section
Bureau of Homeowner Protection
PO Box 805
Trenton, New Jersey 08625-0805
THIS DOCUMENT IS NOT THE FULL PLAN OF INTENTION TO CONVERT AND
				  FULL PLAN OF CONVERSION REQUIRED UNDER THE NEW JERSEY STATUTE GOVERNING REMOVAL OF
				  TENANTS (2A:18-61.1 et seq.)
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 26 - PLANNED REAL ESTATE DEVELOPMENT FULL DISCLOSURE ACT REGULATIONS › Subchapter 10 - NONBINDING RESERVATION AGREEMENTS › Section 5:26-10.1 - Scope

Current through Register Vol. 56, No. 14, July 15, 2024
Upon application to and registration by the Agency as provided
				  below, a developer may accept a nominal sum, not to exceed $ 2,500, which sum shall
				  be held in trust, as a nonbinding reservation for the purpose of determining the
				  market demand for a planned real estate development or retirement community, and
				  shall not be deemed to be an offer or disposition of an interest therein, provided
				  that the developer shall do so under the terms and conditions contained in this
				  subchapter.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 26 - PLANNED REAL ESTATE DEVELOPMENT FULL DISCLOSURE ACT REGULATIONS › Subchapter 10 - NONBINDING RESERVATION AGREEMENTS › Section 5:26-10.2 - Application

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Prior to accepting
				any nonbinding reservation agreements, the developer shall submit an application to
				the Agency for registration that contains the following information:
1. The name and address of the
				developer;
2. The location and
				description of the lands to be developed;
3. The number and types of lots, parcels, units or
				interests to be contained in the planned real estate development or retirement
				community as well as a description of the common elements and facilities;
4. The selling price at which each lot, parcel,
				unit or interest will be offered, together with a general description of the lot,
				parcel, unit or interest offered at that price and the estimated monthly
				assessment;
5. The name and address of
				the person or firm holding the deposits and the name and location of the banking or
				similar institution wherein the deposits will be deposited;
6. A statement that no lot, parcel, unit or
				interest will be sold and that no binding agreement will be offered or accepted
				thereon until the planned real estate development or retirement community is
				registered with the Agency according to the provisions of this chapter;
7. A copy of the most recent financial statement
				of the developer, certified to be true and accurate by an independent public
				accountant;
8. A copy of all advertising
				material;
9. A copy of the proposed
				reservation agreement form;
10. Any
				other material deemed necessary by the Agency in furtherance of the provisions of
				this chapter.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 26 - PLANNED REAL ESTATE DEVELOPMENT FULL DISCLOSURE ACT REGULATIONS › Subchapter 10 - NONBINDING RESERVATION AGREEMENTS › Section 5:26-10.3 - Advertising standards

Current through Register Vol. 56, No. 14, July 15, 2024
(a) All advertising
				material shall conform to the provisions of N.J.A.C. 5:26-5 and in addition shall
				contain the following:
1. A statement that the
				purpose of the advertising is to solicit nonbinding reservations;
2. A statement that the nonbinding reservation is
				not a contract and may be cancelled by the prospective purchaser at any time,
				without cause;
3. A statement that any
				money paid to the developer shall be refunded to the prospective purchaser upon
				request and cancellation of the nonbinding reservation.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 26 - PLANNED REAL ESTATE DEVELOPMENT FULL DISCLOSURE ACT REGULATIONS › Subchapter 10 - NONBINDING RESERVATION AGREEMENTS › Section 5:26-10.4 - Approval of advertising

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Prior to the
				developer using any advertising for nonbinding reservations, it shall be submitted
				to the Agency for review, and shall be reviewed by the Agency within 30
				days.
(b) Upon the affirmative
				determination of the Agency that the advertising material meets the requirements of
				N.J.A.C. 5:26-5 and
				5:26-10.3, the Agency shall notify the
				developer of such determination.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 26 - PLANNED REAL ESTATE DEVELOPMENT FULL DISCLOSURE ACT REGULATIONS › Subchapter 10 - NONBINDING RESERVATION AGREEMENTS › Section 5:26-10.5 - Reservation form

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Every developer
				accepting any nonbinding reservation agreement shall give a reservation form to all
				prospective purchasers, which shall contain the following items:
1. The name and location of the project;
2. The name and address of the
				developer;
3. The name and address of
				the prospective purchaser;
4. A
				description of the particular lot, parcel, unit or interest reserved;
5. The purchase price and terms;
6. A notice in 10-point bold face type that the
				nonbinding reservation agreement does not obligate the purchaser in any way, that
				there is or is not, as the case may be, a guarantee by the developer that the
				purchase price and terms will not be changed for such period of time as may be
				specified in the agreement, that there is or is not, as the case may be, a guarantee
				that the unit, lot, parcel or interest described in the agreement will be built or
				otherwise made available for purchase by the prospective purchaser, and that he or
				she may receive a refund of the deposit, upon request, at any time prior to the
				execution of a contract or agreement of sale;
7. All nonbinding reservation agreements shall be
				signed by the party reserving the unit and by the developer or the agent of the
				developer.
8. A statement of the period
				of time for which the nonbinding reservation agreement is effective.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 26 - PLANNED REAL ESTATE DEVELOPMENT FULL DISCLOSURE ACT REGULATIONS › Subchapter 10 - NONBINDING RESERVATION AGREEMENTS › Section 5:26-10.6 - Period of effect

Current through Register Vol. 56, No. 14, July 15, 2024
Unless cancelled by the prospective purchaser, the nonbinding
				  reservation agreement shall be effective for a period of time no less than 15 days
				  or, in the case of a conversion, 90 days after notice to the prospective purchaser
				  that the application for registration and public offering statement have been
				  registered by the Agency as provided in this chapter or until the developer
				  withdraws the proposed planned real estate development or retirement
				  community.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 26 - PLANNED REAL ESTATE DEVELOPMENT FULL DISCLOSURE ACT REGULATIONS › Subchapter 10 - NONBINDING RESERVATION AGREEMENTS › Section 5:26-10.7 - Notice

Current through Register Vol. 56, No. 14, July 15, 2024
The developer shall give written notice to the prospective
				  purchaser that the application for registration and public offering statement have
				  been registered by the Agency, enclosing a copy of the public offering statement,
				  and notify the prospective purchaser that he or she must enter into a contract or
				  agreement of sale within a specific period of time, no less than 15 days, or the
				  nonbinding reservation will expire and his or her money will be refunded.
New Jersey Administrative Code › Title 5 - COMMUNITY AFFAIRS › Chapter 26 - PLANNED REAL ESTATE DEVELOPMENT FULL DISCLOSURE ACT REGULATIONS › Subchapter 10 - NONBINDING RESERVATION AGREEMENTS › Section 5:26-10.8 - Nonbinding reservations

Current through Register Vol. 56, No. 14, July 15, 2024
The registration of an application to accept nonbinding
				  reservations shall be valid for a period of four months from registration unless an
				  application for registration pursuant to N.J.A.C. 5:26-3 is submitted during that
				  time, in which event the registration of the application to accept nonbinding
				  reservation shall automatically be extended during the registration period.