NCJAR News
If you’re in the market for a new home, you may come across properties governed by a homeowners association (HOA) or other community association. While HOAs offer benefits like shared amenities and neighborhood upkeep, they also come with rules and fees that can impact your homeownership experience.
Before you buy, it’s important to understand what HOAs are, how they work, and what they mean for you as a homeowner.
What Is an HOA?
A homeowners association (HOA) is an organization that manages and enforces rules for a residential community. HOAs are common in:
Single-family home communities – especially master-planned neighborhoods and gated developments.
Townhouse and condo communities – where shared spaces require coordinated maintenance.
HOAs typically maintain common areas like parks, pools, and clubhouses. They also set guidelines to help keep the neighborhood uniform and well-maintained.
HOA Fees and Special Assessments
We want to make you aware of a recent surge in fraudulent listings targeting vacant land and vacant properties. Reports from NCJAR Members and GSMLS show an alarming increase in scams designed to deceive real estate professionals and buyers alike. These scams can cause significant financial and reputational damage — but you can take action to protect yourself.
Stay Vigilant: Verify Every Seller
Scammers often impersonate legitimate property owners, especially for vacant properties. To safeguard yourself, follow these recommended best practices from the Secret Service, FBI, and NAR:
Key Steps to Protect Against Fraud:
- Independently verify the seller’s identity.Conduct a thorough search to confirm who the seller is, including finding a recent photo and checking public records.
- Meet the seller in person.Always request an in-person meeting and ask for multiple forms of identification.
- Ask for proof of ownership.Require documentation that clearly shows the seller's legal ownership of the property.
- Test their local knowledge.Ask questions about the property and surrounding area. A real owner will typically know key details.
RPAC is working to stop a minimum $10,000 tax increase on families buying homes sold for over $1 million and a minimum $40,000 tax increase on homes sold over $2 million as proposed by the Governor.
INVEST HERE to Protect our Industry
Attention NCJAR members! The April 30th deadline for completing your Continuing Education (CE) requirements is fast approaching. Ensure you're up-to-date and avoid a $200 penalty by taking action now.
Why Act Now? Staying compliant is not just about fulfilling obligations—it's crucial for maintaining your expertise and competitiveness in the New Jersey real estate market.
How to Complete Your CE:
- Live-Virtual Courses: Engage with top industry experts and enhance your skills without leaving your home. Register now at NCJAR Course Calendar.
- Self-Paced Courses: Prefer learning at your own pace? Check out our flexible online options at NCJAR Self-Paced CE.
Track Your Progress: Don't forget to monitor your CE credits via PSI to stay on track.
Act today to meet your educational requirements with ease. Visit NCJAR now and choose the course that fits your needs. Let's continue to lead with excellence in real estate!
