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After terminating Master Deed

Discussion in 'Condo & Co-op Issues' started by kev9ka, Aug 11, 2016.

  1. kev9ka

    kev9ka Law Topic Starter Guest

    New Jersey
    My home (NJ) is one of 2 unit side-by-side Condo. According to NJ Rev Stat § 46:8B-26 (2013) 46:8B-26(Condominium termination), we can terminate the master deed if both of us (myself and next door neighbor) agree. My question is: if we terminate the master deed, what is my house be categorized as(i.e., townhouse)? What are some of the 'official and legal' (if there is any) steps that I need to take after the termination.

    I'm selling my house, and the buyer is having a hard time with lender since my house is condo without association. As such, I'm looking for an option to terminate master deed. Thanks.
  2. army judge

    army judge Super Moderator

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    You need real legal help, as in a real estate attorney in your county.
  3. Michael Wechsler

    Michael Wechsler Administrator Staff Member

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    I'm a New Jersey State licensed attorney and closed a condo there recently. So I can tell you that I think you certainly should consider having an attorney to assist you and would think it foolish not to be represented, especially since this is not a typical real estate sale situation. If the buyer is represented then it is also likely that provisions to deal with defects in your representations or understanding of the law will likely be a part of the contract of sale (or more accurately, placed within a rider that is in addition to a contract of sale.) When it comes to division of real estate and the sale of a home that will certain net hundreds of thousands of dollars, it is foolhardy not to be represented by a real estate attorney and hope you have taken such a step. This is definitely not a do it yourself transaction. Good luck.

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