Legal Question in Real Estate Law in New Jersey
Condo ravaged by Sandy at Jersey shore. 4 of 6 unit owners want to go off footprint to enlarge units. I don't. Does my portion of the condo's insurance proceeds have to go towards their exploration with land lawyers, DEP, CAFRA to enlarge the rebuild?
1 Answer from Attorneys
It's great that all of you own your units free and clear of mortgages so that you can even consider doing something like that. Or do you have mortgages? Usually, the mortgage holder will have something to say about how the proceeds are used. Condos generally have to do things by majority or super-majority vote, and it sounds as if you may be at the mercy of such a group. You should consult with a real estate lawyer with special condo law experience to assist you in this matter. A list like this is not going to provide you with your final answer.
THIS RESPONSE IS NOT LEGAL ADVICE, SINCE I DO NOT HAVE ALL OF THE INFORMATION THAT WOULD BE REQUIRED, AND I DO NOT HAVE A REPRESENTATION AGREEMENT WITH YOU.
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