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JimC21 (New Jersey)
Posts: 1
Posted:
In order to make sure a builder does not contribute too much to an HOA budget thereby falsely lowering the monthly common charge NJ State has instituted a maximum amount a builder my contribute. Does anyone know how that maximum is calculated?
BobD4 (up north)
Posts: 1,002
Posted:
You may also want to look at "low-balling"/deliberately understating/ misleadingly deferring projected common expenses in disclosure documents given to induce prospective buyers, for post registration expenses starting at registration.

( Jurisdictions like mine enact that post-registration first year condo excesses in 'actual costs' above the Declarant's disclosured budget projections, constitute a debt requiring reimbursement by the Declarant to the condo corporation. The huge loose end is that turn-over may not have occurred, leaving the Declarant's 'sweetheart' Board in full control and nothing done to force the Declarant to honour its statutory duty. )

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