REAL ESTATE COM1V1ISSION 11:5-9.5
i. The nature of the project;
ii. Identifying to whom all correspondence should be directed, with an address; and
iii. Identifying to whom Annual Report Notices and forms should be sent, with an address and telephone number; and
22. Such other additional information as the Commission may require, after review of an application for registration, to assure full and fair disclosure.
Amended by R.1998 d.497, effective October 5, 1998. See: 30 N.J.R. 2333(a), 30 N.J.R. 3646(a). In (a), rewrote 3 and 21. Amended by R.2009 d.222, effective July 6, 2009. See: 40 N.J.R. 3944(a), 41 N.J.R. 2663(a). In the introductory paragraph of (a)3, deleted “including fee simple interests in timeshare projects,” following the first occuncnce of “subdivision,”; and in (a)20, substituted “condominium or other interest in real estate that is subject to the authority of or to assessments by a” for “condominium, time-share or”.
11:5-9.5 Public Offering Statements
(a) No registrant may dispose of any lot, parcel, unit or interest in a registered subdivision unless said registrant delivers to the purchaser a current New Jersey Public Offering Statement or approved equivalent, and affords the purchaser a reasonable opportunity to read the same before the purchaser signs the contract or purchase agreement.
1. In all cases where a New Jersey purchaser has not had contact with an authorized New Jersey broker, registrants shall maintain the signed and dated receipt for the New Jersey Public Offering statement and a copy of the contract which the New Jersey purchaser signed for a period of seven years.
(b) The Public Offering Statement shall disclose fully and accurately the characteristics of the subdivision and the lots, parcels, units or interests offered and shall make known to prospective purchasers all unusual and material circumstances and features affecting the subdivision. The Public Offering Statement shall be in clear and concise language and combine simplicity and accuracy in order to fully advise purchasers of their rights, privileges, obligations and restrictions.
1. The Public Offering Statement shall be in a form designated by the Commission. No change in form may be made without the consent of the Commission.
(c) The Commission may require an applicant to alter or amend the proposed Public Offering Statement in order to assure fall and fair disclosure to prospective purchasers and may require the revision of a Public Offering Statement which it finds to be unnecessarily complex, confusing, illegible or incomplete.
(d) A Public Offering Statement shall not be deemed current unless it contains all amendments approved by the Commission.
(e) The Public Offering Statement shall contain the following information:
1. The name and address of the subdivision being offered, the name and principal address of the applicant and the name and address of the New Jersey broker of record;
2. A narrative description of the interest to be offered including; but not limited to; the rights and obligations of purchasers in their lots, parcels, units or interests and in the common elements;
3. A narrative description of the subdivision including, but not limited to, specific designation of the total number of lots, parcels, units or interests contained in the offering, the total number of lots, parcels, units or interests which will or may be constructed in the entire project, the present and proposed access to the development and the promised completion date of the present offering for sale and the estimated completion date of the entire development;
4. Relevant community information including, but not limited to, the existence and location of hospitals, health and recreational facilities, schools, fire and police protection, places of worship, streets, water supplies, levees, drainage control systems, irrigation systems, customary utilities, etc.;
5. A statement of the nature, type and capacity of improvements to be installed by the developer and the proposed dates of completion for sections offered for sale and estimated dates of completion for sections not yet offered for sale. The developer may indicate that the estimated dates of completion of improvements in sections not yet offered for sale are subject to market conditions and other variables, or similar qualifying language. Also, a statement of any approvals not yet obtained, the acquisition of which is a precondition to the completion of such improvements, and whether the identified improvements will be dedicated to public use;
6. A statement of the proposed method of operation and management of the common elements and facilities, and of all fixed, estimated or proposed fees, assessments, and reserves for future replacement and repair of common elements. If there are no provisions for reserves, a statement indicating same shall be included. If the proposed offering is a condominium or other interest in real estate that is subject to the authority of or to assessments by a homeowners association, or involves any common ownership interest, in addition to the amount set aside as reserves for the replacement or repair of the common elements and facilities, the risk to purchasers if the applicant fails to sell out shall also be stated. A statement indicating whether the applicant is subsidizing the maintenance fee or plans to subsidize the maintenance fee during sales prior to transfer of control to any association, and if so, the amount of the subsidy and the probable effect of the cessation of the payment of the subsidy upon the maintenance fee payable by each owner shall also be included;
7. A description of any management or service contract, lease or• other contract or agreement affecting the use, maintenance or access from and to any and all of the common elements or