Community Associations
Ensuring Compliance for NJ Community Associations: Key Requirements and Deadlines
Posted in Community Associations
There are three important requirements affecting New Jersey Community Associations: Reserve Studies Compliance, the Corporate Transparency Act (CTA) Compliance and Structural Integrity Compliance. Please ensure your association is in compliance. Reserve Studies Compliance All community associations with at least $25,000 in capital assets must comply. Reserve studies must be updated… Continue reading
New Structural Integrity Law In New Jersey – Community Association Compliance Required
Posted in Community Associations
As we enter the last quarter of 2024, we want to again remind our New Jersey community association clients to review whether their buildings require structural inspections pursuant to the new Structural Integrity Law (N.J.S.A. 52:27D-119 et seq.). Who must comply? Unlike the January 8, 2024 law relating to reserve… Continue reading
Corporate Transparency Act (CTA): Action Required for Community Associations
Posted in Community Associations
As the end of the year approaches, there has been no determination that community associations will be relieved of the requirement to comply with the Corporate Transparency Act (CTA). While we remain hopeful of a legislative or legal solution, you must be prepared to file the required information no later than… Continue reading
New Reserve Law in New Jersey – Community Association Compliance Required
Posted in Community Associations
We are now halfway through 2024 and we want to again remind our New Jersey community association clients to check their reserve study status to ensure compliance with the January 8, 2024 law relating to reserve studies and reserve funding. Who must comply? All New Jersey community associations are required… Continue reading
Community Association Reporting Requirements Under the Corporate Transparency Act
Posted in Community Associations
On January 1, 2024, the Corporate Transparency Act (the “CTA”) became effective. The main goal of the CTA is to combat financial crimes by enhancing transparency in the ownership and control of corporations. The CTA will be administered by the Financial Crimes Enforcement Network which is part of the Treasury… Continue reading
Structural Integrity Bill Imposes New Structural Inspection and Reserve Study Requirements on Certain Community Associations
Posted in Community Associations, Construction Litigation
On January 8, 2024, Governor Murphy signed into law Senate Bill S2760 (and its companion legislation, Assembly Bill A4384), which is informally known as the “Structural Integrity Bill.” The New Jersey Chapter of the Community Associations Institute (CAI-NJ) and its Legislative Action Committee (LAC) worked diligently with New Jersey lawmakers… Continue reading
Protecting Your Future – Risk Management + Community Associations
Posted in Community Associations
Community associations, by and through their Boards of Trustees, are responsible for overseeing and maintaining common areas, enforcing rules and regulations, and managing the business of the association. Like any business, associations face a spectrum of potential challenges and risks that can undermine their stability and cause financial or other… Continue reading
Community Association Transition Litigation and the Selection of Experts
Posted in Community Associations, Transition
In the realm of civil litigation, the involvement of “experts” can make or break a case. An expert is a qualified individual with specialized knowledge, skill, training, education, or experience in a particular field relevant to the issues at hand in the case. These experts are called upon to provide… Continue reading
Community Association Transition Litigation: “Who ya gonna call?”
Posted in Community Associations, Construction Litigation, Transition
It’s no secret that litigation can be a costly and stressful process, and this can be particularly so for community associations finding themselves facing transition litigation following the transfer of control over the community from the sponsor/developer to the unit owners. The costs can quickly become overwhelming, leading many potential… Continue reading
Spring Maintenance Practices for Community Associations
Posted in Community Associations, Construction Litigation, Transition
Spring is in the air (for now it seems in New Jersey)! Birds are singing, flowers are blooming, and homeowners are emerging from hibernation to tackle their home maintenance projects. For community associations, spring is a crucial time to ensure that Common Elements and areas are properly maintained to avoid… Continue reading
