NJ A1367

Unit owners would gain full control of a homeowners' association board upon sale of 75% of units within a single structure or two years after substantial completion of that structure, whichever comes first

Current law allows developers to maintain control until 75% of all units in the entire development are sold, enabling some developers to delay owner control by halting construction of additional units

The existing graduated transfer of control remains intact: owners elect 25% of board members after 25% of units are sold, and 40% of board members after 50% are sold

Developers may still retain the ability to select one board member as long as units remain unsold in the ordinary course of business

Amendments apply to both condominiums under the Condominium Act and planned unit developments under the Planned Real Estate Development Full Disclosure Act