Community Associations Blog Posts Ensuring Compliance for NJ Community Associations: Key Requirements and Deadlines November 26, 2024There are three important requirements affecting New Jersey Community Associations: Reserve Studies Compliance, the Corporate Transparency Act (CTA) Compliance and Structural Integrity Compliance. Please ensure your association is in compliance. Reserve Studies Compliance All community associations with at least $25,000 in capital assets must comply. Reserve studies must be updated at least every 5 years. Associations with reserve studies ...New Structural Integrity Law In New Jersey – Community Association Compliance Required October 15, 2024As we enter the last quarter of 2024, we want to again remind our New Jersey community association clients to review whether their buildings require structural inspections pursuant to the new Structural Integrity Law (N.J.S.A. 52:27D-119 et seq.). Who must comply? Unlike the January 8, 2024 law relating to reserve studies and reserve funding, (which applies to ...Corporate Transparency Act (CTA): Action Required for Community Associations September 17, 2024As the end of the year approaches, there has been no determination that community associations will be relieved of the requirement to comply with the Corporate Transparency Act (CTA). While we remain hopeful of a legislative or legal solution, you must be prepared to file the required information no later than January 1, 2025. Who must comply ...New Reserve Law in New Jersey – Community Association Compliance Required August 14, 2024We are now halfway through 2024 and we want to again remind our New Jersey community association clients to check their reserve study status to ensure compliance with the January 8, 2024 law relating to reserve studies and reserve funding. Who must comply? All New Jersey community associations are required to comply with the new reserve law. ...Community Association Reporting Requirements Under the Corporate Transparency Act January 22, 2024On January 1, 2024, the Corporate Transparency Act (the “CTA”) became effective. The main goal of the CTA is to combat financial crimes by enhancing transparency in the ownership and control of corporations. The CTA will be administered by the Financial Crimes Enforcement Network which is part of the Treasury Department and known as “FinCEN.” ...Structural Integrity Bill Imposes New Structural Inspection and Reserve Study Requirements on Certain Community Associations January 16, 2024On January 8, 2024, Governor Murphy signed into law Senate Bill S2760 (and its companion legislation, Assembly Bill A4384), which is informally known as the “Structural Integrity Bill.” The New Jersey Chapter of the Community Associations Institute (CAI-NJ) and its Legislative Action Committee (LAC) worked diligently with New Jersey lawmakers in the wake of the ...Protecting Your Future – Risk Management + Community Associations August 23, 2023Community associations, by and through their Boards of Trustees, are responsible for overseeing and maintaining common areas, enforcing rules and regulations, and managing the business of the association. Like any business, associations face a spectrum of potential challenges and risks that can undermine their stability and cause financial or other hardships (not to mention unnecessary ...Community Association Transition Litigation and the Selection of Experts July 28, 2023In the realm of civil litigation, the involvement of “experts” can make or break a case. An expert is a qualified individual with specialized knowledge, skill, training, education, or experience in a particular field relevant to the issues at hand in the case. These experts are called upon to provide their professional opinions, analyses, or ...Community Association Transition Litigation: “Who ya gonna call?” May 5, 2023It’s no secret that litigation can be a costly and stressful process, and this can be particularly so for community associations finding themselves facing transition litigation following the transfer of control over the community from the sponsor/developer to the unit owners. The costs can quickly become overwhelming, leading many potential claimants, including community associations, to ...Spring Maintenance Practices for Community Associations March 23, 2023Spring is in the air (for now it seems in New Jersey)! Birds are singing, flowers are blooming, and homeowners are emerging from hibernation to tackle their home maintenance projects. For community associations, spring is a crucial time to ensure that Common Elements and areas are properly maintained to avoid costly repairs down the road. Having ...
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