N.J. Admin. Code § 5:26-9.1

Current through Register Vol. 56, No. 23, December 2, 2024

Section 5:26-9.1 - Requirements

(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.

N.J. Admin. Code § 5:26-9.1

Amended by R.1981 d.130, effective 5/7/1981.
See: 12 New Jersey Register 631(b), 13 New Jersey Register 259(a).
(a)2: "the period if ownership, whichever is less or" deleted after "for the past five years or" and conjunction "and" deleted between (a)2 and (a)3.
Amended by R.1983 d.446, effective 10/17/1983.
See: 15 New Jersey Register 1055(a), 15 New Jersey Register 1758(b).
In (a)3, added energy audit report to be included.
Amended by R.1992 d.287, effective 7/6/1992.
See: 24 New Jersey Register 1453(a), 24 New Jersey Register 2429(a).
Engineering survey provisions added at (a)3i-iii; references to statute added at (a)4.
Amended by R.1996 d.94, effective 2/20/1996.
See: 27 New Jersey Register 4478(a), 28 New Jersey Register 1226(a).