Purchasing property in Lake Forest
Please take note that Master Lease fees are recorded in the deed of Lake Forest properties.
All persons who acquire property in the Lake Forest Reservation are required to enter into a lease which incorporates all of the “terms, covenant, conditions, reservations and restrictions” of the Master Lease. All property owners have an obligation to participate in the “fair share” of maintenance of common elements of the community. The Master Lease payments go into the Club’s yearly budget for the running and maintaining of our facility.
When a property is being sold, the purchaser or purchaser’s representative must contact the Lake Forest Yacht Club to ensure no outstanding balance is owed on said property. If this is not done, the purchaser will be required to pay any fees associated with the property to bring the account current.
The Master Lease is enforceable under N.J.S.A. 46:16-1, which provides that recorded documents are considered notice to potential purchasers and are enforceable against purchasers in the chain of title.
Mandatory Fees for Lake Forest Properties
MASTER LEASE FEES:
$105.00 - Billed quarterly: January, April, July, and October 1st
North and West of Espanong Road: (Ripplewood Dr, Woodlawn Terrace, Springbrook Terrace, Commodore Dr, Harbor Drive, CrescentDrive, Marine Drive, NauticalDrive, Yacht Club Drive up to #93)
$ 52.50 - Billed quarterly: January, April, July, and October 1st
South and East of and including Espanong Road (Venetian Dr, Valencia Isle Dr. -part, Three Rivers Dr- part, West and East Emerald Isle Dr- part). Please confirm with the LFYC office as some properties are excluded from the association.
Optional Fees for Lake Forest Properties
LFYC By-Laws ": Membership in the Club shall be limited to natural persons and shall be of two classes; Voting Membership and Non-Voting Membership.
Each class of membership shall be a household membership. A household shall be deemed to include those persons living together as one household. Membership shall be limited to “One” per deeded property in the Lake Forest Reservation. All references to voting members and non-voting members, as outlined below, and/or in the current Lake Forest Yacht Club By-Laws."
Annual Dues (Membership Year runs from October 1st – September 30th)
$472.00 – Family (2 person/adult household); Tax is added so total annual cost is $503.27
$376.00 – Single (1 person/adult household); Tax is added so total annual cost is $400.91
$235.00 - Senior (65 or older); Tax is added so total annual cost is $250.57
Billed October 1st of each year
*If the Lake Forest Resident is joining the lake for the first time in the middle of a billing cycle, prorated dues will be calculated starting from the 1st of the month that they are joining.
Administration/New Member Fee - one time fee
$50 +tax ($53.31)
Bond - for Property Owners
$400 one time:
$80.00 - Bond payment plan. Payable over 5 years and subject to a $12 per year finance charge. Billed January 1st of each year
Security Deposit - for Renters
**Bonds & Security Deposits are refundable upon termination of membership.
FEES ARE SUBJECT TO CHANGE. NOTICE WILL BE GIVEN ACCORDINGLY.
Please contact the LFYC office with any questions and to apply for the membership.