New Jersey S791 prohibits common interest communities from penalizing members who place their unit into a living, revocable trust fund.
New Jersey S791 ensures that placing a unit, shares, or proprietary lease into a living, revocable trust fund does not constitute a title transfer for common interest communities. This bill protects association members and senior citizens by preventing associations from charging fees due on transfer of ownership for such placements. However, associations may charge a fee reasonably related to the costs incurred by the association in connection with such a transfer. The act takes effect immediately.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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