Imagine you sit on a board of directors that makes a mistake or error in judgment that results in a lawsuit. Imagine the case goes to trial, and the judge awards the plaintiff hundreds of thousands of dollars in damages. Now imagine that…
The New Jersey Division of Taxation is cracking down and performing more sales/use tax audits of Common Interest Realty Associations (CIRAs) of all types—co-ops, condominium associations, and apartment buildings—than ever before. There a…
Founded in 1969 as part of the New Jersey Real Estate Board, the New Jersey Association of Realtors (NJAR) is a statewide organization dedicated to provide support, education, and advocacy for the more than 45,000 realtors and realtors' …
Buy a motor home and travel the country. Pay for grandson Johnny's college education. Fix up that old kitchen you've been complaining about for decades. These are things you've been wanting to do for years and years, but, though you've w…
Unexpected repairs are part of owning a home. For owners of single-family houses, the process is simple: Something needs fixing or replacing, and you call a contractor and get the work done. You may not be happy about it, but you accept …
Mount Laurel is a populous rural community in Southern New Jersey and a township that covers approximately 22 square miles. But it is also the namesake of a series of precedent-setting legal decisions that govern how the state of New Jer…
A Budget planning is a key component of any association's operations and preparation, and usually falls on the property manager's shoulders. However, he or she does more than just what the title implies—the manager is a "jack of all trad…
Planning is the key to maintaining a balanced budget for co-op and condo associations. Knowing your budget, predicting expenses, even predicting the unpredictable are all vital components to having a sound bottom line and keeping your sh…
In a co-op or condo community, the responsibility of the homeowners association goes beyond setting house rules. The association also has a fiduciary responsibility to collect maintenance fees from its residents, create a budget to accou…