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Tuesday, July 15, 2014

2A:18-61.8. Conversion of multiple dwelling into condominium, cooperative or fee simple ownership; notice to and rights to tenants

2A:18-61.8.  Conversion of multiple dwelling into condominium, cooperative or fee simple ownership;  notice to and rights to tenants    Any owner who intends to convert a multiple dwelling as defined in P.L.1967,  c. 76 (C. 55:13A-1 et seq.), other than a hotel or motel, or a mobile home park  into a condominium or cooperative, or to fee simple ownership of the several  dwelling units or park sites shall give the tenants 60 days' notice of his  intention to convert and the full plan of the conversion prior to serving  notice, provided for in section 3 of P.L.1974, c. 49 (C. 2A:18-61.2).  A  duplicate of the first such 60-day notice and full plan shall be transmitted to  the clerk of the municipality at the same time. In the notice of intention to  convert tenants shall be notified of their right to purchase ownership in the  premises at a specified price in accordance with this section, and their other  rights as tenants under this act in relation to the conversion of a building or  park to a condominium, cooperative or fee simple ownership.  A tenant in occupancy at the time of the notice of intention to convert shall have the exclusive right to purchase his unit, the shares of stock allocated thereto or  the park site, as the case may be, for the first 90 days after such notice that  such purchase could be made during which time the unit or site shall not be  shown to a third party unless the tenant has in writing waived the right to  purchase.

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