June 2024

MASTER DEEDS... from page 14.

NEW JERSEY – NOW REQUIRING RESERVE STUDIES

Jersey can foster a harmonious and well-maintained living environment for all residents. The following is an over view of each of these documents and their key aspects: Master Deed/Declaration of Covenants and Restrictions The master deed is the foundational document that establishes the legal structure of a community associa tion. (A declaration of covenants and restrictions, often referred to simply as the “declaration,” is akin to a master deed and is typically found in homeowner association communities, whereas master deeds are typical for condominium associations.) It is filed with the county clerk’s office where the community is located and outlines the physical boundaries of the property, including common areas, limited com mon elements or areas, and individ ual units/lots. The master deed also delineates, among other items, the ownership rights and responsibilities of unit owners or lot owners within the community, including the main tenance, repair, and replacement responsibilities of the association and unit owners. Through the recording of the master deed, a link is established for each piece of real estate within the community and the master deed, placing all future owners on notice of the restrictions of the property. Purpose: Establishes the commu nity as a condominium or planned development and defines the property rights and obligations of the associa tion and unit owners. Provides notice

FULL ENGAGEMENT. DETAILED UNDERSTANDING. ONGOING SUPPORT. Our property wellness experts and easy-to-understand reserve studies empower boards with accurate budget and action plans that support their community’s physical and financial well-being today and into the future.

View the legislative requirements and request a proposal today! (844) 701-9884 or visit reserveadvisors.com

We’ve Got Your Community Covered Insurance and Risk Management Solutions for CAI Members USI’s Community Association Specialists combine proprietary analytics, broad experience and national resources to custom-fit an insurance and risk management plan that meets your needs. For decades, our team has provided the solutions and services that CAI members count on to protect their communities. We’d like to do the same for you.

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JUNE 2024