Winchester House Condo

Key facts from Winchester House Condo's documents

Community type

Condominium

Legal name

Winchester House Association, Inc.

Governing law

New Jersey Condominium Act (N.J.S.A. 46:8B-3 et seq.) and Title 15A of the Revised Statutes of New Jersey (By-Laws Art. I §2; also N.J.S.A. §46:8B-)

Assessments & dues

Board prepares annual budget; Common Expenses assessed proportionally based on percentage interest; assessments paid in monthly installments due first of each month or as determined by Board (By-Laws Art. IV §1)

Special assessments

Board may impose lump sum assessment for immediate need or emergency; capital improvements over $50,000 require approval of majority of Unit Owners (By-Laws Art. IV §1 (emergency), Art. X ()

Collections & liens

Board may accelerate remaining installments and file lien after 5-10 days notice; if default continues 120 days, Board shall foreclose (By-Laws Art. IV §9)

Reserves & fees

Board must maintain reasonable reserves for repairs, replacements, emergencies; separate accounts for deferred maintenance, replacement, capital improvements; additionally, a CAPITAL FUND of $50,000 required by Third Amendment (By-Laws Art. IV §6; Third Amendment §3)

Voting & meetings

Each Unit Owner entitled to one vote per Unit; co-owners determine vote; eligibility requires good standing (assessments paid 30 days prior) (By-Laws Art. I §5, Art. VI §8)

Extracted from the recorded governing documents and cited to them; may be incomplete and is not legal advice — verify against the official documents below.