New Jersey A2999 mandates developers to post a bond with the Department of Community Affairs and ensures accountability for common interest.
New Jersey A2999 requires developers to post a bond with the Department of Community Affairs to secure the completion of common elements in planned real estate communities. The bond must be posted at the time of registration and annually thereafter, and it will not be released until all requirements are met. The bill also mandates that developers maintain adequate reserve accounts for maintenance and replacement of common elements.
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