Property Management
Under NJ's Rent Control ordinances (which vary by municipality), a landlord generally must:
ACharge a uniform rent to all tenants regardless of unit size
BComply with the local rent control ordinance's limits on rent increases and procedures✓ Correct
CObtain NJREC approval for any rent increase
DCharge rents based on the municipal tax assessor's formula
Explanation
Many NJ municipalities have rent control ordinances that cap annual rent increases and require specific procedures (notices, hearings) before increases. Landlords must comply with the applicable local ordinance.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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