September2017

CONDO/CO-OP... from page 51.

co-op ejectment is often completed in a fraction of the time of a condo fore- closure and in many cases with better results due to the priorities involved. Finally, a lawcalled the “Cooperative Recording Act” (N.J.S.A. 46:8D-1, et seq.) came into effect on May 7, 1988 and applies to co-ops formed subsequent to said date. Prior to the Act, there was no comprehen- sive statute governing co-ops in a manner similar to the Condominium Act (although the provisions of the

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Planned Real Estate Development Full Disclosure Act, N.J.S.A. 45:22A-21, et seq. and implementing regulations do apply to many co-ops), and there was no public recording of the transfer of co-op ownership interests. Instead, the transfers were only evidenced on the books of the co-op. The purpose of the Act is to set up a regime for the public recording of co-op trans- fers in a manner substantially similar to how deeds are recorded. It also requires the recording of co-op gov- erning documents in manner similar to how condo governing documents are recorded. n

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