This form is a Master Deed. This Master Deed is executed by a developer pursuant to the provisions of the Condominium Act. The deed contains a legal description of the project and the responsibilities of the co-owner.
New Jersey Condominium Master Deed - Residential Condo Development
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Condo owners can be described as homeowners. A condo is a living residence that requires mortgage payments, taxes, and insurance.
Master deed. This is a deed filed by a condominium owner to record the property and allow sales of the individual condos and use of communal areas by owners.
Under certain circumstances, a lien for delinquent assessments has priority over previous liens. This type of lien is called a "super lien." In New Jersey, six months' worth of delinquent assessments, not including late charges, penalties, interest, or collection fees or costs, get super-lien status. (N.J. Stat.
Condo laws are often called Horizontal property or strata title acts. Owners have Fee simple title but share common elements to which they are tenants in common.
What is needed to create a condominium property? Condominium declaration and master deed.
The Department of Community Affairs is charged with enforcing the law. Recommended Reading: New Jersey Administrative Code - Planned Real Estate Development Full Disclosure Act Regulations - N.J.A.C.
Probably one of the most distinct features of condominium ownership lies in the concept of ?undivided ownership interest? of the common elements. All unit owners as members of the condominium's association share ownership of the common elements.
The provisions of the ?Condominium Act,? P.L. 1969, c. 257 (C. B-1 et seq.)
