June 2024

MASTER DEEDS... from page 20.

sions about purchasing property within the community and ensures transparency in the real estate transaction process. Purpose: Provides full disclosure of the project details, finances, governance, rules, and risks to potential buyers. Allows buyers to review and understand what they are purchasing and the associated obligations. Protects buyers by mandating transparency from the developer/declarant. Required Contents: • Description of the property, units, common areas, and amenities to be offered. • Copies of the master deed, declaration, and bylaws. • Description of management services including a copy of the contract. • Financial information — budgets, fees, assessments, reserves. • Terms of any encumbrances, easements, liens, etc. • Legal rights and cancellation periods for buyers. Recording Requirements: This document is not record ed with the county clerk where the property is located but CONTINUES ON PAGE 45

in general. Promote the health, safety, and welfare of res idents and protect property values within the community. Required Contents: Must comply with the master deed/ declaration and bylaws. Recording Requirements: Not re-quired to be recorded. Subsequent changes by the association do not need to be recorded but must be properly noticed and maintained as part of the official records. Public Offering Statement The public offering statement is a marketing document provided to the initial prospective buyers of units or lots by the developer of a community association. It is required by law in New Jersey and serves as a disclosure document that provides important information about the association, the sur rounding community, the association’s governing documents, financial status, and any potential risks or liabilities, including whether the property was environmentally remediated. The public offering statement helps buyers make informed deci

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JUNE 2024