Condominiums and Townhouses of New Jersey
…Buying A Condo or Townhouse
When buying into a condo complex, you are entitled to know some facts about the condo/townhouse community. You will need to know the rules and regulations, the finances, who is in charge, and more.
When you purchase a condo
or townhouse, you are also buying into a special type of community with
their own rules and regulations, finances, security, and other
properties that you should be aware of.
Below is a list of just
some of the information that you should be aware of:
Name of complex.
Management Company contact information.
Monthly maintenance changes.
Insurance information for the complex.
Get insurance company, agent, telephone, and fax numbers.
5. Get copy of rules, regulations, and bylaws.
Are there any pending changes to the rules and regulations?
Total or percentage of rented units.
Total number of units owner occupied.
What is the unit turnover rate?
Is complex 100% complete or are there plans for more construction
(units, common areas).
Does subdivision contain any governmentally regulated low and
moderate income housing units?
Guest parking spaces.
Are pets allowed?
Are here any violations of any land-use or government regulation?
Are here any environmental factors the complex of individual
Available funds in Capital Reserve account.
Association attorney and contact information.
Are there any lawsuits or judgments on the condo association or
19. Is snow shoveling supplied and what is shoveled?
This article is subject to errors and omissions. It is the responsibility of the buyer or seller to verify all information.