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COMMUNITY AFFAIRS
DIVISION OF CODES AND STANDARDS
Notice of Readoption
Condo, Fee Simple, Cooperative Conversion and Mobile Home Retirement
Readoption: N.J.A.C. 5:24
Authority: N.J.S.A. 2A:1861.12;
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What is condo fee simple cooperative?
A condo fee simple cooperative is a type of property ownership where the owner has fee simple title to their individual unit and shares ownership of the common areas with other unit owners.
Who is required to file condo fee simple cooperative?
The condo association or cooperative board is typically responsible for filing the condo fee simple cooperative.
How to fill out condo fee simple cooperative?
To fill out a condo fee simple cooperative, the association or board must provide details about the property, unit owners, common areas, financial information, and other relevant information.
What is the purpose of condo fee simple cooperative?
The purpose of condo fee simple cooperative is to provide a legal structure for the management and ownership of multi-unit residential properties.
What information must be reported on condo fee simple cooperative?
Information such as property details, unit owner information, financial statements, budget, meeting minutes, and any other relevant information must be reported on condo fee simple cooperative.
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