CAI-NJ Sept 2020

BENEFIT DERIVED... from page 38.

AUTHOR GUIDELINES... from page 50.

funding of their reserve accounts and it is expected that many developers will adopt similar approaches for devel- oper-prepared budgets. The proposed rules go into more detail than this brief over- view can describe. In addition, these new rules only apply to developer-prepared budgets for associations. Once the owners gain control of the board these requirements will no longer apply, other than the developer’s obligation to contribute to the common expenses while developing and selling the final 25 percent of the units. Conclusion Assuming the final rules match the proposed rules in all material respects – which is expected – it is anticipated that these rules will make clear what developers, unit owners and associations are each financially responsible for during the period of the developer’s control of the association. As a result, at least with respect to these transition issues, there should be less opportunity for disagreement and litigation. n

include the following ownership acknowledgment, “Reprinted from the <> 20__ issue of the CAI-NJ’s Community Trends ® .” Disclaimer: The CAI-NJ Editorial Committee carefully reviews all sub- missions. When an article is published, the opinion of the author and accuracy of the facts presented in the article are not specifically endorsed by either CAI-NJ or the Editorial Committee. Neither CAI-NJ nor Community Trends ® guaran- tees a placement of any submitted article, and any article can be rejected or modified for any reason at any time by the Editorial Committee or CAI-NJ. Questions Should you have any questions, contact the chapter office: Phone:(609) 588-0030 Fax:(609) 588-0040 e-mail: brooke@cainj.org n

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