New Jersey A2832 prohibits common interest communities from penalizing members who place their unit into a living, revocable trust fund.

New Jersey A2832 prohibits common interest communities from penalizing members who place their unit into a living, revocable trust fund or classifying placement as a title transfer. The bill ensures that placing a unit into a living, revocable trust fund does not constitute a title transfer for purposes of charging membership fees, capital contribution fees, transfer fees, transfer taxes, or other revenue-raising charges. The bill allows associations to charge fees reasonably related to the costs incurred by the association in connection with a transfer of ownership.

New Jersey A2832 prohibits common interest communities from penalizing members who place their unit into a living, revocable trust fund.

New Jersey A2832 prohibits common interest communities from penalizing members who place their unit into a living, revocable trust fund or classifying placement as a title transfer. The bill ensures that placing a unit into a living, revocable trust fund does not constitute a title transfer for purposes of charging membership fees, capital contribution fees, transfer fees, transfer taxes, or other revenue-raising charges. The bill allows associations to charge fees reasonably related to the costs incurred by the association in connection with a transfer of ownership.