Maria is purchasing a resale condominium unit in Hoboken from the current owner, James. Before closing, the condominium association is required to provide Maria with a resale certificate. Under the New Jersey Condominium Act, which of the following items must the resale certificate disclose to Maria?
Correct Answer
B) The current amount of any unpaid common expense assessments charged against the unit
Under the New Jersey Condominium Act (N.J.S.A. 46:8B-1 et seq.), a resale certificate must disclose, among other things, the amount of any unpaid common expense assessments (monthly maintenance fees or special assessments) that are charged against the unit being sold. This protects the buyer from inheriting undisclosed financial obligations owed to the association.
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Related Topics & Key Terms
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Related Concepts
Price fixing is an illegal antitrust practice in which competing real estate brokerages agree to charge the same commission rates, fees, or other pricing for their services. It is a per se violation of the Sherman Antitrust Act.
Florida brokers are required to maintain transaction records and escrow records for a minimum of five years.
A tie-in arrangement is an illegal antitrust practice in which a seller conditions the purchase of one product or service on the buyer's agreement to purchase a separate product or service.
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