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Condominium & Coop Conversion
With more than 25 years of experience LoFaro & Reiser, LLP provides legal advice for all forms of real estate ownership available in New Jersey today, including condominium conversion and creation. Our New Jersey real estate attorneys offer customized legal services to individuals, small to mid-sized business clients, and large corporate clients who are engaged or wish to engage in condominium or cooperative development or conversion.
The variety of legal services our skilled lawyers provide to developers, lending institutions, and other key players in the condominium and cooperative real estate market is comparable to that of a law firm many times our size. Our attorneys understand the intricacies of condominium conversion, and pride ourselves in guiding our clients in the most prudent and effective manner possible.
The process to convert real estate to a condominium or coop in New Jersey is complicated and requires an experienced law firm like LoFaro & Reiser, LLP to guide you from steps A to Z.
In particular, landlords must follow certain steps to convert rental housing to condominiums or cooperatives. New Jersey landlords must follow four different laws to convert rental housing to condominiums or cooperatives:
- The Planned Real Estate Development Full Disclosure Act, N.J.S.A. 45:22A-21, et al
- The Senior Citizen and Disabled Protected Tenancy Act. N.J.S.A. 2A:18-61.22, et al
- The Anti-Eviction Act. N.J.S.A. 2A:18-61.1(k) and 2A:18-61.8, et al
- The Tenant Protection Act of 1992. N.J.S.A. 2A:18-61.40, et al
A property owner in New Jersey who plans to convert a building or a mobile home park must first give each tenant two separate documents: (1) a notice of intent to convert and (2) a full plan of conversion. The notice of intent to convert and the conversion plan must be sent by certified mail. In addition, the owner must give tenants a three-year notice to quit or vacate the rental unit because of the conversion. The notice of intent to convert and the conversion plan documents must be given to all affected tenants at least 60 days before giving the tenants the three-year notice to quit.
The laws concerning conversion must be strictly followed by the owner. If the owner does not provide all of the information required in the proper form and in the proper way, the owner may not be able to evict the tenant at the end of the three-year notice period. Riotto v. Van Houten, 235 N.J. Super. 177 (App. Div. 1989); Sibig and Co. v. Santos, 244 N.J. Super. 366 (App. Div. 1990).
The New Jersey Department of Community Affairs publishes a detailed summary of the condominium conversion process in our state. Download the current condominium conversion packet provided by the New Jersey Department of Community Affairs.
Contact experienced New Jersey real estate counsel
Our experienced New Jersey real estate lawyers are here to help. Call us today at (201) 498-0400 or complete our online contact form.