What is the name of your state (only U.S. law)? NJ
I own a condo in NJ.
NJ does not have a law that requires condo associations to have a reserve study done every so often - or at all - as some states do. But I keep reading that NJ does have a law that a condo association must maintain "adequate reserves."
I have searched, but cannot find whatever law this is.
Can someone / anyone cite the NJ law or statute that speaks to this "adequate reserves" requirement?
There is nothing in the NJ Condominium Act speaking to this.
Thanks.
I own a condo in NJ.
NJ does not have a law that requires condo associations to have a reserve study done every so often - or at all - as some states do. But I keep reading that NJ does have a law that a condo association must maintain "adequate reserves."
I have searched, but cannot find whatever law this is.
Can someone / anyone cite the NJ law or statute that speaks to this "adequate reserves" requirement?
There is nothing in the NJ Condominium Act speaking to this.
Thanks.
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