The following By-Laws have been adopted to govern the affairs of the project described in the master deed of the owners. The form also contains defintions of the words and terms used in the document.
New Jersey Bylaws of Condominium
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Multi-State
Control #:
US-AR-B1039
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Word;
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FAQ
Republic Act No. 4726, otherwise known as The Condominium Act, governs the ownership, rights, and obligations of condominium owners.
Homeowners Associations Currently, the only statutes applicable to HOAs are New Jersey's Planned Real Estate Development Full Disclosure Act, N.J.S.A. A-21 et seq. (PREDFDA), and New Jersey's Non-Profit Corporations Act, N.J.S.A.
Homeowners Associations Currently, the only statutes applicable to HOAs are New Jersey's Planned Real Estate Development Full Disclosure Act, N.J.S.A. A-21 et seq. (PREDFDA), and New Jersey's Non-Profit Corporations Act, N.J.S.A.
To sum up, the rights of a condominium unit owner are the following: Right of absolute ownership over his unit. Right of exclusive easement of the space of his unit. Right to repair, paint, decorate the interior of his unit.
A condominium is inside a residential building or community but the unit is privately managed by the individual or landlord of the property. This landlord has no say in the functioning of the larger building or even the plot of land in which his/her property is built upon.
Now that this new law has been passed, both condominium associations and homeowners associations are entitled to the lien priority and the lien priority is extended to six months per year for each year a lien is recorded up to five years (30 months maximum).
The Philippine Condominium Act allows foreigners to own condo units, as long as 60% of the building is owned by Filipinos. If you want to buy a house, consider a long-term lease agreement with a Filipino landowner.
Seq.: The Act applies to condominium associations created after January 7, 1970, and provides a comprehensive legal framework for, without limitation, formation, apportionment of interest, common expenses, and voting rights; association administration and powers; and purchaser protection in New Jersey.
How Much Are HOA Fees? These fees can start as little as $20 a month but more often range from $200 to $400. If the building is more upscale and has more amenities, the homeowners' association fees are likely to be more expensive.
