Newark, NJ asked in Real Estate Law for New Jersey

Q: Condo Ownership by-laws. 1 entity can't own more than 10%.

My wife and I currently live together. Our current property is mortgaged under me solely but she is on the title. We are attempting to purchase another unit in the building together with both of us on the mortgage. Would that still be considered as 2 entities or would it be considered as one entity owning multiple units? I want to make sure that I am completely understanding.

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1 Lawyer Answer
Morris Leo Greb
Morris Leo Greb
  • Rockaway, NJ
  • Licensed in New Jersey

A: Yes, the husband and wife are distinctly separate owners. It becomes a problem if they eventually decide to become joint tenants or tenants by the entirety.

1 user found this answer helpful

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