New Jersey Administrative Code
Title 5 - COMMUNITY AFFAIRS
Chapter 26 - PLANNED REAL ESTATE DEVELOPMENT FULL DISCLOSURE ACT REGULATIONS
Subchapter 9 - CONVERSIONS
Section 5:26-9.1 - Requirements
Universal Citation: NJ Admin Code 5:26-9.1
Current through Register Vol. 56, No. 18, September 16, 2024
(a) In addition to the requirements set forth in 5:26-4.2 (Contents of public offering statement), the developer shall, in the case of conversion from a residential rental or hotel use to a condominium, cooperative, time-sharing venture, or other planned real estate development, include in the public offering statement the following information:
1. The price at which the lot, parcel, unit
or interest will be offered;
2. An
audited statement of expenses for the property for the past five years or for a
shorter period as permitted by the Agency due to extenuating circumstances,
certified by an independent public account;
3. An engineering survey, in the form set
forth in the appendix, prepared by a licensed professional engineer, which
shall include mechanical, structural, electrical and engineering reports to
disclose the condition of the building, as well as an energy audit, in a form
approved by the Agency, setting forth the energy efficiency of the building.
i. The engineer who prepares the survey shall
certify to the Agency whether, in his or her judgment, the building is in
compliance with the code standards adopted under the Hotel and Multiple
Dwelling Law and set forth at N.J.A.C. 5:10 and with the code standards adopted
under the Uniform Fire Safety Act and set forth at N.J.A.C. 5:18, and shall
list all outstanding violations then existing in accordance with his or her
observation and judgment.
ii. As
provided by P.L. 1991, c.509, the engineer shall be immune from tort liability
with regard to such certification and list in the same manner, and to the same
extent, as if he or she were a public employee protected by the New Jersey Tort
Claims Act.
iii. As further
provided in P.L. 1991, c.509, in the event of any discrepancy between the
engineering survey submitted by the developer and an engineering survey
submitted by any tenant(s), the Agency may have another engineering survey done
for it at the developer's sole cost and expense.
4. A statement of the effect on prospective
owners of the New Jersey Statute Governing Removal of Tenants (2A:18-61.1 et seq.), the Senior
Citizens and Disabled Protected Tenancy Act (2A:18-61.2 2 et seq.) and, if the
building is located in Hudson County, the Tenant Protection Act of 1992
(2A:18-61.4 0 et seq.), and the
rules promulgated thereunder at N.J.A.C. 5:24.
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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