New Jersey § 45:22a-28

§ 45:22a-28.

a. A public offering statement shall disclose fully and accurately the characteristics

of the development and the lots, parcels, units, or interests therein offered, and

shall make known to prospective purchasers all unusual or material circumstances or

features affecting the development. The proposed public offering statement submitted to the agency shall be in a form

prescribed by its rules and regulations and shall include the following: (1) The name and principal address of the developer; (2) A general narrative description of the development stating the total number of

lots, units, parcels, or interests in the offering, and the total number of such interests

planned to be sold, leased or otherwise transferred; (3) Copies of any management contract, lease of recreational areas, or similar contract

or agreement affecting the use, maintenance, or access of all or any part of the development,

with a brief and simple narrative statement of the effect of each such agreement upon

a purchaser, and a statement of the relationship, if any, between the developer and

the managing agent or firm; (4)(a) The significant terms of any encumbrances, easements, liens, and restrictions,

including zoning and other regulations, affecting such lands and each unit, lot, parcel,

or interest, and a statement of all existing taxes and existing or proposed special

taxes or assessments which affect such lands; and (b) In the case of a conversion subject to the provisions of the “Tenant Protection

Act of 1992,” P.L.1991, c. 509 ( C.2A:18-61.40 et al.), the information required pursuant to section 14 of P.L.1991, c. 509 ( C.2A:18-61.53 ); (5)(a) Relevant community information, including hospitals, health and recreational

facilities of any kind, streets, water supply, levees, drainage control systems, irrigation

systems, sewage disposal facilities and customary utilities; and (b) The estimated cost, size, date of completion, and responsibility for construction

and maintenance of existing and proposed amenities which are referred to in connection

with the offering or disposition of any interest in the subdivision or subdivided

lands; (6) A copy of the proposed budget for the operation and maintenance of the common

or shared elements or interests; (7) Additional information required by the agency to assure full and fair disclosure

to prospective purchasers. b. The public offering statement shall not be used for any promotional purposes before

registration of the development and afterwards only if it is used in its entirety. No person may advertise or represent that the agency approves or recommends the

development or dispositions therein. No portion of the public offering statement may be underscored, italicized, or printed

in larger or heavier or different color type than the remainder of the statement,

unless the agency requires or permits it. c. The agency may require the developer to alter or amend the proposed public offering

statement in order to assure full and fair disclosure to prospective purchasers, and

no change in the substance of the promotional plan or plan of disposition or development

of a planned real estate development may be made after registration without the approval

of the agency. A public offering statement shall not be current unless all amendments have been

incorporated. d. The public offering statement shall, to the extent possible, combine simplicity

and accuracy of information, in order to facilitate purchaser understanding of the

totality of rights, privileges, obligations and restrictions, comprehended under the

proposed plan of development. In reviewing such public offering statement, the agency shall pay close attention

to the requirements of this subsection, and shall use its discretion to require revision

of a public offering statement which is unnecessarily complex, confusing, or is illegible

by reason of type size or otherwise.