46:8B-38 - Right of first refusal clause in contract for sale of condominium, master deed or association bylaws; applicability to state or any political subdivision - New Jersey Statutes

46:8B-38.  Right of first refusal clause in contract for sale of condominium, master deed or association bylaws;  applicability to state or any political subdivision
    No contract for the sale of a condominium unit executed on or after the effective date of this amendatory and supplementary act, nor any master deed or  association bylaws adopted on or after that date, shall contain a clause or  provision affording the developer or the association the right of first refusal  to buy a condominium unit upon resale, gift or devise by the condominium unit  owner.  No master deed or association bylaws, whenever adopted, shall be  amended on or after such date to include any such clause or provision affording  right of first refusal.  This section shall not apply to the State of New  Jersey or any political subdivision of this State or any department, division,  office, agency or bureau thereof or any authority or instrumentality created  thereby if said right is required by State or Federal law.

     L.1980, c. 103, s. 3, eff. Sept. 11, 1980.