Information for Prospective Buyers of property in Lake Wallkill
Lake Wallkill is a Common Interest Community with private roads, common properties (roads, lake, ballfields, tennis and basketball courts and other community owned properties).
Purchase of property in Lake Wallkill includes automatic membership in Lake Wallkill Community Inc. and obligates the buyer to pay dues, assessments and fees as determined by the Management Committee of Lake Wallkill. (As required by NJ Law : Planned Real Estate Development Act {PREDFDA} including amendments signed into law July 2017).
Buyer should confirm with Lake Wallkill the status of the property they are buying. Any unpaid amounts on the account become the responsibility of the new owner on transfer of title. It is the buyer’s responsibility to be sure any unpaid dues, assessments or fees are settled at closing.
There are certain fees that apply to property transfers within Lake Wallkill:
Transfer Fee: assessed on all property transfers, defined as a change in title ownership, due and payable on the date of the ownership change. The transfer fee is waived for Transfers between immediate family members.
Initiation Fee: assessed on all NEW owners in Lake Wallkill, defined as an owner that has not owned property in Lake Wallkill during the previous 12 month period.
Buyers may inquire for a schedule of fees to receive details of the Transfer and Initiation Fee for the year they are planning a purchase of property.
Prospective buyers are encouraged to review the By-Laws and Rules & Regulations of Lake Wallkill (see below).
By Laws
Rules & Regulations
Fee Structure
Please contact our Office Manager, Violet, 973-875-5620, to ask any other questions you may have.