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co-op ejectment is often completed in
a fraction of the time of a condo fore-
closure and in many cases with better
results due to the priorities involved.
Finally, a lawcalled the “Cooperative
Recording Act” (N.J.S.A. 46:8D-1, et
seq.) came into effect on May 7,
1988 and applies to co-ops formed
subsequent to said date. Prior to
the Act, there was no comprehen-
sive statute governing co-ops in a
manner similar to the Condominium
Act (although the provisions of the
Planned Real Estate Development Full
Disclosure Act, N.J.S.A. 45:22A-21,
et seq. and implementing regulations
do apply to many co-ops), and there
was no public recording of the transfer
of co-op ownership interests. Instead,
the transfers were only evidenced on
the books of the co-op. The purpose
of the Act is to set up a regime for
the public recording of co-op trans-
fers in a manner substantially similar
to how deeds are recorded. It also
requires the recording of co-op gov-
erning documents in manner similar to
how condo governing documents are
recorded. n
CONDO/CO-OP...
from page 51.
"Such 'co-op' ejectment actions
may result in a judgment of,
among other things, possession
within 4 to 6 months."
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