Important Questions To Ask During A New Jersey Transition Study

1. Important Questions To Ask During A New Jersey Transition Study Brought to you by: http://www.lockatong.com/

2. The process of the property developer handing over the control of a property to the community association is one of the most important periods in the life of the association. The transition can be very challenging, time consuming and potentially overwhelming especially for new board members. During the transition, the community’s governing body is supposed to determine the financial and physical strengths of the development and set new procedures for financial stability as well as future maintenance of the property. Important Questions To Ask During A New Jersey Transition Study www.lockatong.com

3. If the community association is new, it will be important to conduct both New Jersey transition study and reserve study. The main focus of the transition study is to review the as-built development to make sure that it conforms to the provided design drawings as well as the association’s documents. This study is also intended to determine if there are any defects before the community association takes over the control of the property from the developer. Important Questions To Ask During A New Jersey Transition Study www.lockatong.com

4. During the study, there are various important questions that board members need to ask to make sure that they understand the full condition of the property, one of them being whether the documents have any restrictions that are undesirable or unreasonable. Some of the things to watch out for include provisions that restrict the community association from suing the developer in case of defamation or violation of contract terms. Important Questions To Ask During A New Jersey Transition Study www.lockatong.com

5. Another important question to ask when conducting a transition study New Jersey is whether the rules and regulations that the property developer has set contain any provisions that violate the condo statute or other federal, local or state laws. One particular red flag that you should be very keen about is the provision that the developer will not be required to pay condo fees on unsold units. This would be a violation of the New Jersey Condominium Act.  Important Questions To Ask During A New Jersey Transition Study www.lockatong.com

6. It is also important to determine whether the property developer is going to voluntarily comply with correcting the defects that will be found during the transition study NJ. One of the purposes that this study is supposed to serve is addressing and repairing any deficiencies as well as construction defects that will be found on a property. In case the developer refuses to address the defects that will be found, the transition study can be used as evidence in litigation to pressurize or force the developer into repairing the defects before the community association takes over the control of the property. Important Questions To Ask During A New Jersey Transition Study www.lockatong.com

7. You should not confuse a New Jersey transition study with a reserve study. While the two might appear similar in some respects, they serve very different purposes. The transition study will help the association discover defects that were caused on the property by contractors and developers while the reserve study can be redone or updated in future in order to accommodate the wear and tear that the area elements of a property suffer as it continues to age. If your main aim is to discover defects on a property, the transition study will be the way to go.  Important Questions To Ask During A New Jersey Transition Study www.lockatong.com

8. For more tips on how to conduct a New Jersey transition study properly, visit www.lockatong.com/ today.  Important Questions To Ask During A New Jersey Transition Study www.lockatong.com

9. Important Questions To Ask During A New Jersey Transition Study Brought to you by: http://www.lockatong.com/