Understanding What A New Jersey Transition Study Is And Why It Is Need

1. Understanding What A New Jersey Transition Study Is And Why It Is Needed Brought to you by: http://www.lockatong.com/

2. A New Jersey transition study is very important during the transfer of the control of the association from the developer to the owners. The study involves inspection of all common elements of the association. It is supposed to produce a punch list of both alleged and discovered deficiencies on a property that may have been brought to the attention of the property’s developer. • The main aim of this inspection is to avoid a situation where the association will be forced to pay for defects that were actually the responsibility of the developer down the road.  Understanding What A New Jersey Transition Study Is And Why It Is Needed www.lockatong.com

3. Apart from identifying defects on the property, the New Jersey transition study also gives the board that is about to take over the control of the association knowledge of permits, warranties, utility line locations and other important pieces of information that will give them an easy time when running the association. • The study needs to be performed sooner rather than later because the developer of the property will become less responsive as time goes by. If the new board has any potential claims regarding the property, they become time-barred under specific warranties.  Understanding What A New Jersey Transition Study Is And Why It Is Needed www.lockatong.com

4. You should not confuse a NJ transition study with a reserve study because they are two different things. The reserve study is aimed at helping the association find useful life as well as cost of replacement of common area elements such as furnaces, roofs and driveways. The money that will be used for replacing every item is divided by its useful life in order to determine the amount of cash that needs to be allocated to the reserve fund on an annual basis. • The reserve study needs to be updated in future so as to accommodate the ordinary wear and tear the property elements will suffer in future. This is unlike the transition study that is supposed to be conducted only once.  Understanding What A New Jersey Transition Study Is And Why It Is Needed www.lockatong.com

5. When a transition occurs, the transition study New Jersey should be ordered immediately. It serves two purposes. First, the new board can forward it to the developer of the property along with a demand to repair the defects that were found during the inspection. • Because the inspection is carried out by an independent party, the transition study has more leverage that can be used to pressure the property developer into doing the necessary repairs before the control of the property shifts officially to the board. If the developer refuses to do the repairs, the study can be used as evidence in litigation to pressure the developer into paying for the needed repairs.  Understanding What A New Jersey Transition Study Is And Why It Is Needed www.lockatong.com

6. Another purpose that the New Jersey transition study serves is fulfilling the fiduciary duty that the homeowners’ association board has. It serves as an independent and expert analysis that can be used by the board for making sound business decisions concerning the construction defects that were found when the building was inspected. • It eliminates the guesswork out of identifying repairs as well as the costs associated with those repairs.  Understanding What A New Jersey Transition Study Is And Why It Is Needed www.lockatong.com

7. To help understand more about New Jersey transition study, check out our website today for more related information.  Understanding What A New Jersey Transition Study Is And Why It Is Needed www.lockatong.com

8. Understanding What A New Jersey Transition Study Is And Why It Is Needed Brought to you by: http://www.lockatong.com/