What are the restrictions on selling a condo unit in a condo complex?

When selling a condo in a condo complex in New Jersey, there are certain restrictions that need to be taken into consideration. Firstly, the condo association has the right to approve or reject any sales contract that is signed. They may have certain qualifications they look for in potential buyers, such as the ability to pay the monthly fees that come with owning a condo in the complex. Additionally, the seller is obligated to inform interested buyers of any known issues with the unit. They must also provide a disclosure statement detailing any common elements that lie within the unit, as well as any known environmental hazards or defects. The seller is also responsible for paying any outstanding fees or dues owed to the condo complex at the time of sale. This includes any special assessments that have been added since the time of purchase. Finally, the seller must adhere to any rules and regulations set out by the condo association. This may include providing written notice of the sale to the condo association, and adhering to any timelines for transferring ownership of the unit to the new owner. Overall, if you are selling a condo in New Jersey, it is important to familiarize yourself with the restrictions put in place by the condo association. Doing so will help ensure the entire process goes as smoothly as possible for all parties involved.

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What are the restrictions on selling a condo unit in a condo complex?

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