New Jersey Administrative Code
Title 5 - COMMUNITY AFFAIRS
Chapter 26 - PLANNED REAL ESTATE DEVELOPMENT FULL DISCLOSURE ACT REGULATIONS
Subchapter 2 - REGISTRATION
Section 5:26-2.2 - Exemptions
Universal Citation: NJ Admin Code 5:26-2.2
Current through Register Vol. 56, No. 18, September 16, 2024
(a) Unless the method of disposition is adopted for purposes of evasion, the provisions of these rules shall not apply to offers or dispositions:
1. By an owner for his or her own account in
a single or isolated transaction;
2. Wholly for industrial, commercial, or
other non-residential purposes;
3.
Pursuant to court order;
4. By the
United States, by this State or any of its agencies or political
subdivisions;
5. Of real property
located without the State;
6. Of
cemetery lots or interests;
7. Of
less than 100 lots, parcels, units or interests; provided, however, that, with
regard to condominiums, cooperatives or retirement communities, this exemption
shall not apply, irrespective of the number of lots, parcels, units or
interests offered or disposed of;
8. Of developments where the common elements
or interests, which would otherwise subject the offering to the Act, are
limited to the provision of unimproved, unencumbered open space;
9. In a development composed wholly of rental
units, where the relationship created is one of landlord and tenant;
10. Where the offering is not part of a
larger offering and consists of fewer than 10 lots, parcels, units or
interests, or where the offering consists entirely of units affordable to
persons of low or moderate income, as determined in accordance with the "Fair
Housing Act," P.L. 1985, c.222 (52:27D-301 et seq.),
and legally restricted to assure continued affordability in accordance with
N.J.A.C. 5:14-4, N.J.A.C. 5:80-26, and/or N.J.A.C. 5:92-12, or where the Agency
otherwise finds that the enforcement of the Act is not necessary in the public
interest or for the protection of purchasers by reason of the small amount of
the purchase price, or the limited character of the offering, or the limited
nature of the common or shared elements; provided, however, that as a condition
of any exemption granted under this paragraph, the developer shall disclose to
prospective purchasers, in a format acceptable to the Agency, such information
and documentation as the Agency may deem appropriate, including, without
limitation, the following:
i. The name,
address and telephone number of the developer and of any designated
agent;
ii. The total number of
units proposed for the entire development and the scheduled completion
dates;
iii. The total number of
units currently being offered and the date by which the current phase of
construction is scheduled to be completed;
iv. The types of units being offered (for
example, detached homes, townhouses, apartments, non-residential units) and the
number of units being offered in each category;
v. Whether or not there is a flood hazard
zone on or adjacent to the site;
vi. Information as to who will control the
association and when control by the homeowners will begin;
vii. A statement as to who may use common
facilities;
viii. Information as to
how a prospective purchaser may review the declaration of covenants and
restrictions, the by-laws of the association, and the rules and regulations, if
any, governing the operation of the development;
ix. A list of management contracts that are
or will be in effect and information as to how a prospective purchaser may
review any current management contract or proposed maintenance
agreement;
x. A statement of the
relationship of the developer to the service provider, if any;
xi. The amount that it is reasonably
anticipated that a prospective purchaser would be required to pay, currently
and in the near future, for the operation and maintenance of the common
facilities, including the amount set aside for reserves, and information as to
how a prospective purchaser may review the current budget; and
xii. Information as to how a prospective
purchaser may review a copy of the final plat plan, as approved and signed by
the local planning board, showing all amenities, facilities and improvements;
or
11. Of any form of
timesharing.
Disclaimer: These regulations may not be the most recent version. New Jersey may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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