New Jersey Administrative Code
Title 5 - COMMUNITY AFFAIRS
Chapter 24 - CONDOMINIUM, FEE SIMPLE, AND COOPERATIVE CONVERSION AND MOBILE HOME PARK RETIREMENT
Subchapter 1 - GENERAL PROVISIONS
Section 5:24-1.3 - Documents required; conversion

Universal Citation: NJ Admin Code 5:24-1.3

Current through Register Vol. 57, No. 6, March 17, 2025

(a) Any owner who intends to convert a multiple dwelling, a rooming or boarding house or a mobile home park into a condominium or cooperative, or to fee simple ownership of units or park sites, must first provide tenants with a "notice of intent" and a "full plan of conversion."

(b) These two items must include all the items described below and must be provided to all affected tenants 60 days before serving the three year notice of intent to institute proceedings to evict.

(c) Both the notice of intent and the full plan of conversion shall be sent by certified mail, and if not claimed they shall be sent by regular mail.

(d) A duplicate of the 60-day notice and full plan shall be transmitted to the clerk of the municipality.

(e) Any material change in the full plan of conversion or amendment to the Public Offering Statement (POS) under N.J.S.A. 45:22A-21 et seq. and N.J.A.C. 5:26 shall require such extension of the 90-day exclusive right to purchase as may be necessary to allow tenants who have not yet purchased their units at least 30 days remaining in which to exercise such exclusive right.

1. If the purchase contract offered by the developer does not include a contingency provision allowing a purchaser at least 60 days in which to secure financing for the purchase, then, unless the developer is providing such financing upon terms found by the Division of Codes and Standards to be reasonable, the exclusive right to purchase period shall be extended as long as may be necessary to allow such tenants at least 60 days in which to exercise such exclusive right.

2. A change shall be deemed "material" for the purpose of (e) of this section if so deemed by the Division of Housing and Development pursuant to N.J.A.C. 5:25-3.3(a).

3. A change shall be deemed "material" for the purpose of (e) above if it is deemed by the Division of Codes and Standards to be a "material change" as defined in N.J.A.C. 5:26-1.3.

4. Any determination by the Division of Codes and Standards that a change is material shall be made within the 90 day exclusive right to purchase period or within such further period as may be required by the Division of Codes and Standards in order to investigate any allegation made during such 90 day period as to the existence of any circumstance or condition that might constitute or necessitate a material change.

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