Legal Question in Real Estate Law in New Jersey

You should have been advised at some point that the property was a condominium. It is not the title company's or the bank's responsibility to tell you to have your own lawyer represent you, and neither the title company nor the bank would be looking out for only your interests.

If the condo is in one building, even if they are separate dwellings, it is impossible to divide the responsibility or ownership except by a condominium regime. If you intend to keep ownership of both units and treat one or both units as rentals, provided that use is permitted in your township and you fulfill requirements for renting out a property, you could still retain ownership and terminate the condominium.

If the property consists of 2 separate dwellings each with its own plumbing and utility lines and other components necessary for a home, and if there are only 2 units, the owners of those units could terminate the condominium.

Termination requires the recording of appropriate documents.

Each owner would still be responsible for insurance and all other property expenses on that owner's unit.

This is not a DIY proposition, as you may have learned from your purchase.

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.

* If the answers to your question confirm that you have a valid issue or worthwhile claim, your next step should almost always be to establish a dialog with a lawyer who can provide specific advice to you. Contact a lawyer in your county or township.

* Another reason for contacting a lawyer is that it is often impossible to give a good answer in the Internet Q&A format without having more information. The unique circumstances of your situation and things that you may not have thought to mention in your question may completely change the answer. If you want to be sure that you have a complete answer to your question and an understanding of what that answer means, establish a connection with a lawyer who practices in the area of your concern.