Princeton Town Topics – Let’s Talk Real Estate – June 12, 2024
WHAT TO EXPECT IN HOA DOCUMENTS WHEN BUYING A NJ CONDO
When buying a condo in New Jersey, reviewing the HOA (Homeowners’ Association) documents is crucial. These documents, typically including the Declaration of Covenants, Conditions, and Restrictions (CC&Rs), bylaws, and rules and regulations, outline the rights and responsibilities of homeowners within the community.
CC&Rs: These detail the permitted uses of the property, restrictions on modifications, and obligations for maintenance. They also outline any architectural standards and community appearance guidelines.
Bylaws: These specify the governance structure of the HOA, including election procedures for board members, meeting protocols, and the powers and duties of the board. They are essential for understanding how decisions impacting the community are made.
Rules and Regulations: These cover daily operational aspects such as parking policies, pet restrictions, and noise control. Compliance with these rules is mandatory.
Additionally, financial documents, including budgets and reserve studies, provide insight into the HOA’s fiscal health and potential future assessments. Review these documents thoroughly to understand your obligations and rights as a condo owner.
