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Developer left association inoperable and no one is paying condo fees

Posted on Sat, Oct 09, 2010 @ 07:47 AM
  
  
  
  
  
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We own a condo in a 4 unit building the "builder" went belly up and left 2 units empty. The bank sold one at sheriff sale it is still empty and the other he had rented before and after the foreclosure. It is still occupied and the bank is collecting rent. The problem is that the condo association is null no one is paying any condo fees and we do not have condo association insurance on the common areas. We ourselves have flood insurance and homeowners insurance. The bank did just pay for the electric bill that was from when the builder owned 2 units. Does anyone have any suggestions we live in South Jersey.

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Comments

First dowload NJ Condominium act 
 
www.state.nj.us/ips/ca/laws/condominium_law.pdf. Read it 
 
next go to http://www.state.nj.us/dca/divisions/codes/publications/pdf_ari/alternative_dispute_resolution.pdf 
 
Learn about resolution of problems.
Posted @ Saturday, October 09, 2010 8:27 AM by Charles Adler
the link provided for the NJ Condo Act doesnt work. Do you have another link for the full act? thanks
Posted @ Saturday, October 09, 2010 11:57 AM by Mary
Links do not work. Do you have more info on this act 
 
Thank You
Posted @ Saturday, October 09, 2010 10:15 PM by Maggie
The 2 existing owners can create the condo assoc...then hold a meeting and set any rules ..incuding condo fees. You can hold the bank responsible for fees owned by them.Best to hire a lawyer but not required.
Posted @ Wednesday, October 27, 2010 8:22 AM by Mark
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