Legal Question in Real Estate Law in New Jersey
http://law.onecle.com/new-jersey/46-property/8d-13.1.html
the referenced link seems to indicate coop may NOT restrict rentals under certain conditions. ie. - If unable to sell in 4 mo. at a price equaling the original purchase price plus the cost of improvements, then the coop unit may be rented. Is this a correct reading?
2 Answers from Attorneys
I am sorry, but this is a fairly specific question that I would not answer without a lot more information, including the coop documents. Let me know if you want some legal advice on this. It will be a huge problem for you if you can not rent the unit, you will lose thousands of dollars a month in rent!
I have read the law and it is not as absolute as you indicate. While the law allows for rentals under the stated circumstances, there are limitations in the statute that might impact the rental of a unit, that limts the law's application to larger buildings, and provisions that allow reasonable revisions to By-Laws that might effect the ability to rent. Robert is correct that not only must one read the law, they must also investigate to see if the cooperative is included in the law's coverage, and whether or not the current By-Laws and/or other cooperative documents have any provisions regarding this and what they allow and do not allow. This is a response to an Internet question and the reply is provided for information purposes only and is not intended to be legal advice or as creating an attorney-client relationship. Further, the existance of facts not presented might result in a different response.
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