Home Buying in Ocean City>Question Details

Shemps, Home Buyer in Ocean City, NJ

How to investigate shared responsibilities of a duplex when buying half of it?

Asked by Shemps, Ocean City, NJ Mon Jul 4, 2011

I'm just starting the process and want to know as much as I can about the contract details of an OCNJ duplex. Maintenance, repairs, shared areas, etc. Where should I start?

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We owned 3 condos in Ocean City...now we have 2. We have 1205 West Ave top floor for sale by owner now. Our condo documents have a 3 way split on all repairs and all bills for the entire house.Make is very affordable to own. Taxes real low! Our condo is priced much lower than all the others for same young age, size, and distance, 350yds to boardwalk/beach! Feel free to call us!
Jim 201 739-3421
0 votes Thank Flag Link Sat Nov 5, 2011
Great question and one of the most mis-understood situations in condo ownership. Each property consists of a "Master Deed" which outlines the responsibilities of each condo owner. This Master Deed is recorded with the County in which the property lies and aside from governing the property, also As stated by some of my colleagues in previous replies, there are various percentages, rules and regulations that governing this type of ownership. Instead of speculating about what the exact circumstances are for that propertry, feel free to send me that property address and I can forward you the master deed to review. From there if you have any questions, I'll be happy to answer them.

Kevin Redmond
Ocean City Realty
0 votes Thank Flag Link Tue Jul 5, 2011
Congratulations on your decision to purchase a condo in Ocean City, NJ! You won't be disappointed as this is a great town for vacation and full time residence! You are smart to learn about the obligations and responsibilities of condo ownership in advance of your purchase. While generally the costs of maintaining and repair to the "common areas" are shared 50%-50%, there are specific costs that are yours alone. The most important documents to define shared costs and your costs are the" master deed and by-laws" of the specific condo you are purchasing. These are also known as the "condo docs" and are available at the Cape May County Clerks office. While there is generally not an official monthly HOA fee, the master deed may stipulate a reserve fund that needs specified contributions by each condo owner to establish a reserve for major repairs. Some condo owners ignore this at their own future peril. Insurance that covers the common areas, such as liabilities for injuries sustained by someone in walkways, stairways etc. are shared costs. Flood insurance which covers the entire property is also a shared cost and is a bank requirement if you are mortgaging your property. Insurances that cover liability and the contents of your condo from the studs inward are your responsibility. Plumbing costs to repair the main sewer line to the building would be shared but plumbing costs to repair your toilet line would be yours alone. Roof leaks and eventual replacement are a shared costs.This also applies to the sidewalks and driveways. I have recently sold a condo where the cabinets and appliances were covered under the general building condo insurance as set by the Master Deed, an unusual situation. Be aware that your mortgage holder may dictate the level of additional insurance it will require you to carry on your individual condo.
Rest assured it is not as complicated as it sounds. I would welcome the opportunity to help you find and purchase your condo and help you navigate the details! I may be reached at 609-947-2451
0 votes Thank Flag Link Tue Jul 5, 2011
Hi Mr and Mrs Shemp,
Condo ownership in a duplex building is quite simple. There is a master deed referred to as "condo docs" that clearly states the responsibilities of the owners and shared areas are defined. Essentially, all repairs, maintenance, etc pertaining the building itself are shared equally while inside your 4 walls are your responsibility. There are no condo fees. There are 3 insurance coverages: one for the building and grounds which is the condo insurance, one for the studs inward which is the individual owners insurance, and lastly is the flood insurance.
If you would like, please contact me and I will be glad to send you a sample Master deed. My cell phone is 6y09-665-2031 and my email is john.woolam@prufoxroach.coml
Web Reference: http://www.ocnjjohn.com
0 votes Thank Flag Link Mon Jul 4, 2011
Dear Home buyer,
Congratulations on your decision to buy a Ocean City home.
That question is right down my alley as I have owned several duplex/condos in Ocean City.All maintenance and repairs on the outside of the building are shared by the first and 2nd floor owners. Most of the time they are shared equally unless the 2nd floor has more square footage and in that case it could be a 60% for the 2nd and 40% for 1st floor. In most cases it is a 50/50 split.If the roof leaks or needs replacing, it is both floors who have to pay. Anything on the outside of the building like lawn, shrubs and any painting is shared. Anything you do inside is on you. The insurance is also split in the same way. Flood, Hazard and Liability insurance are split between the 2 floors. You will be responsible for your own contents insurance from the walls in of your unit. That will cover you from the drywall in ,your kitchen cabinets and furniture in case of a fire. If you buy an older duplex/condo that has only one water meter, that also is shared equally between the 2 floors. The newer duplex/condos have seperate water meters. You can find out plenty of great information on my website: http://www.kenfowser.com or call me direct at #609-412-8258
I really enjoy helping people and I live in and just love Ocean City.
Seas the Day!
Ken Fowser/ RE/MAX at the Shore
0 votes Thank Flag Link Mon Jul 4, 2011
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