Grace purchases a unit in a condominium development in Jersey City, New Jersey, and is preparing to resell it. The buyer's agent requests a resale certificate. Under the New Jersey Condominium Act, which of the following must the resale certificate include?
Correct Answer
D) Information about the condominium association's current budget, outstanding assessments, and any pending litigation involving the association.
Under the New Jersey Condominium Act (N.J.S.A. 46:8B-1 et seq.), a resale certificate for a condominium unit must include material information about the condominium association's financial condition, including the current budget, the amount of any regular and special assessments, any outstanding liens against the unit, and information about pending litigation involving the association. This allows prospective buyers to evaluate the financial health of the association before closing.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The bundle of rights describes the rights associated with property ownership, allowing owners to use, control, enjoy, exclude others from, and dispose of the property.
Community property is a form of ownership recognized in certain states where property acquired during marriage is considered equally owned by both spouses, regardless of who earned the money or whose name is on the title.
Condominium ownership involves owning a unit of airspace within a multi-unit building plus an undivided interest in the common elements shared with other unit owners. Each unit is separately taxed and financed.
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