Revises time period at which unit owners assume control of homeowners' associations.

This bill changes when homeowners' associations in New Jersey transfer control from developers to unit owners. It specifies that control must shift 60 days after 75% of units are sold or two years after construction is substantially complete, whichever occurs first. This prevents developers from delaying the transfer of control by halting construction of additional units. The bill requires developers to relinquish control and provide all association documents, assets, and funds to unit owners at the time of transfer. It applies to condominiums and planned unit developments across New Jersey.