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What Is A Transition Study New Jersey

When you finish building a condominium structure in New Jersey and make sure that all amenities are in order, the next thing you will need to do is transfer the control of the condominium to the homeowners’ or community association. This process can be quite hectic. <br>

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What Is A Transition Study New Jersey

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  1. What Is A Transition Study New Jersey Brought to you by: http://www.lockatong.com/

  2. When you finish building a condominium structure in New Jersey and make sure that all amenities are in order, the next thing you will need to do is transfer the control of the condominium to the homeowners’ or community association. This process can be quite hectic. You need to make sure that it is done right to avoid giving the incoming board members a hard time or leaving a huge mess on their hands. A transition study New Jersey will help ensure that the control of the property is handed over smoothly. What Is A Transition Study New Jersey www.lockatong.com

  3. It identifies and documents potential deficiencies in the construction or design of the property. The main focus of the transition study is on defects. For instance, if the condominium structure has roof leaks, concrete settlement, water infiltration and other problems caused by poor craftsmanship, they will all be uncovered during the study. With the help of the engineer that will be in charge of the study, a cost estimate for remedying the defects that will be uncovered will be provided. By having the defects on the condo solved, the quality of the community will improve and future repairs that are likely to be borne by others will be avoided. What Is A Transition Study New Jersey www.lockatong.com

  4. You should not confuse a transition study New Jersey with a reserve study. Even though both of them are equally important, they serve different purposes. The main focus of the reserve study is to help the community association in future budgeting of the cost that is required to repair its common area elements. Maintenance and repair are things that the board will be required to address on an ongoing basis throughout the life of the association, and the reserve study ensures that there are always funds for that purpose. What Is A Transition Study New Jersey www.lockatong.com

  5. A transition study New Jersey on the other hand ideally focuses on property transition from the developer to the homeowners’ association board. This happens only once. High quality developers usually use the transition study to make sure that they hand over the control of the property to the association with a clean bill of health. The study is also beneficial to the association board. They can use it to demand or address any construction defects or deficiencies.  What Is A Transition Study New Jersey www.lockatong.com

  6. The New Jersey transition study is usually performed by an independent evaluator, something that gives it more leverage for pressuring the property developer to comply with the demands of the homeowners’ association board. In case the developer fails to comply with the demands, the study can be used as evidence in the court of law to force the developer to take action or pay for the required repairs.  The transition study NJ also helps the community association to fulfill its fiduciary duty. It serves as an independent and expert analysis that can be used for making very important business decisions when it comes to addressing construction or design defects. What Is A Transition Study New Jersey www.lockatong.com

  7. It takes the guesswork out of identifying potential repairs and maintenance issues, the cause for those repairs, and costs involved just like a reserve study.  For more important information on transition study New Jersey, visit http://www.lockatong.com/ today. What Is A Transition Study New Jersey www.lockatong.com

  8. What Is A Transition Study New Jersey Brought to you by: http://www.lockatong.com/

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