Board Members and managers should be pleased to know that the New Jersey Court Rules have been updated which will make litigation against delinquent owners easier and less expensive. On May 11, 2022, the New Jersey Supreme Court approved an increase in the jurisdictional limit for the Superior Court of […]
Prompted by the Champlain Towers Condominium collapse in Surfside, Florida, the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”) recently issued new temporary requirements as an attempt to mitigate risk in community association loan underwriting. Many other industries within the community association world, […]
On January 11, 2022, New Jersey Governor Phil Murphy signed into law a statute that amends the Statute of Limitations (SOL) for the filing of a lawsuit against a developer, its design professional and subcontractors for construction defects. While it was common interpretation of applicable case law that an owner-controlled […]
It’s About Time! Tolling the Statute of Limitations on Damage Claims for Construction Defects
02.01.2022
On January 11, 2022, New Jersey Governor Phil Murphy signed into law a statute that amends the Statute of Limitations (SOL) for the filing of a lawsuit against a developer. While it was commonly believed that an owner-controlled board had at least six years from the date owners had a […]
