Condominium/Real Estate Law Blog
Posted by Jeff Barnes on December 07, 2011
A purchaser of a condominium unit owns his/her condominium unit together with a defined percentage interest in the common elements, which are everything beyond the condominium unit. Each condominium complex is controlled by a master deed, by-laws and rules and regulations.…more »
Posted by Jeff Barnes on October 26, 2011
1. Reserve Fund Requirements – Not having a reserve or an inadequate reserve is a red flag to Banks/Lenders. Today, 10% of revenue collected by the condominium association must be placed into a reserve account. The rationale is that if no…more »
Posted by Jeff Barnes on October 05, 2011
If you may think that a condominium unit inspection is unnecessary when contemplating the purchase of a unit, think again. However, a home inspector who just inspects a unit from the interior drywall inward is not enough. Although an interior inspection…more »
Posted by Jeff Barnes on August 15, 2011
According to the Planned Real Estate Development Full Disclosure Act (PREDFDA), N.J.S.A. 45:22A-48.2, there are certain rules governing the installation of solar panels at condominiums. As per the above statute, a condominium association can regulate the installation of solar panels based…more »
Posted by Jeff Barnes on June 30, 2011
There is a clear prohibition in the New Jersey Planned Real Estate Development Full Disclosure Act (“PREDFDA”) that restricts condominium associations from prohibiting the display of the United States flag or any other patriotic display. However, a condominium association board may…more »
Posted by Jeff Barnes on May 14, 2011
Condominium associations should know that the New Jersey Municipal Services Act (“MSA”) provides protection to unit owners from being taxed twice for certain services. All homeowners in every New Jersey pay property taxes in which some of those funds are allocated…more »
Posted by Jeff Barnes on March 28, 2011
Unfortunately, mortgage company foreclosures are a reality, including units within condominium complexes. If a foreclosure is filed, it usually means that the condominium association not being paid any assessments from the unit owner whose condominium unit is being foreclosed upon. Fortunately,…more »
Posted by Jeff Barnes on February 25, 2011
Collection of assessments from condominium unit owners is absolutely essential for the operation of a Condominium Association. A mechanism to combat delinquent payments by owners is by filing a condominium lien followed by a lien foreclosure. The idea behind this type…more »
Posted by Jeff Barnes on January 28, 2011
Under N.J.S.A. 45B:8-21, a lien for condominium assessments has a limited priority over mortgages. This priority is limited to a lien which is the result of customary condominium assessments and the amount of which shall not exceed the aggregate customary condominium…more »
Posted by Jeff Barnes on January 21, 2011
N.J.S.A. 46:8B-14 sets forth various duties that must be fulfilled by a condominium association. One of these duties is the maintenance of accounting records in accordance with generally accepted accounting principles, which are to be available for inspection at reasonable times…more »
Posted by Jeff Barnes on January 14, 2011
These are the top 10 financial questions you should ask the condominium association board before purchasing a condominium unit. Is a financial audit performed annually? Is there a current budget? Is the condominium association operating with a surplus or deficit? How…more »
Posted by Jeff Barnes on January 07, 2011
The New Jersey Condominium Act set forth in N.J.S.A. 46:8B-21 permits condominium associations to charge certain fees on delinquent balances, the procedure of which shall be set forth in the condominium association’s governing documents. With that said, it is important that…more »
Posted by Jeff Barnes on December 24, 2010
It is no secret that the value of real estate has dropped in many markets. However, often times in the face of adversity opportunities exist. So condominium owners and management should revisit the operation of their respective condominium associations in an…more »
Posted by Jeff Barnes on December 17, 2010
A common misperception among condominium owners is that the insurance which covers their building also covers their unit. Condominium owners naturally assume that adequate insurance is covered in their association fees, which helps fund a maser insurance policy. Unfortunately, the master…more »