1 / 9

How A Transition Study New Jersey Differs From A Reserve Study

A transition study New Jersey is an optional service that is usually included with a reserve study. It is a non-invasive, visual inspection of a property with the aim of determining if there are any defects. <br>

lockatong
Download Presentation

How A Transition Study New Jersey Differs From A Reserve Study

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. How A Transition Study New Jersey Differs From A Reserve Study Brought to you by: http://www.lockatong.com/

  2. A transition study New Jersey is an optional service that is usually included with a reserve study. It is a non-invasive, visual inspection of a property with the aim of determining if there are any defects. It is also referred to as a defect survey and it identifies the nature of the defects in three broad categories, which include design defects, construction defects, and material or condition defects. Most people usually request for a transition study to be conducted shortly before or after common elements of a property are turned from declarant control to the board of directors of the community association. How A Transition Study New Jersey Differs From A Reserve Study www.lockatong.com

  3. You should not confuse a transition study with a reserve study because the two are totally different. While the reserve study focuses on analyzing the capital items that the community is responsible for maintaining, the transition study has a narrower purpose. It is aimed at identifying and documenting potential deficiencies in the construction and design of a building. The keyword with this this study is “defect”. How A Transition Study New Jersey Differs From A Reserve Study www.lockatong.com

  4. For instance, it can reveal things such as roof leaks, concrete settlement caused by poor design or craftsmanship, water infiltration, and so on. As part of the transition study, a cost estimate for remedying the defect is usually provided. The transition study also differs from the New Jersey reserve study in purpose. A reserve study is aimed at assisting the association in future budgeting for the money that is needed to repair its capital items. Maintenance and repair is an ongoing issue throughout the life of a community association. How A Transition Study New Jersey Differs From A Reserve Study www.lockatong.com

  5. For instance, even a new roof was just installed, the community association will need to start budgeting for future repair and replacement costs because the roof is not going to remain new forever. The budget in this case will be based on the life expectancy of the roof that was just installed.  The transition study New Jersey on the other and occurs only once during the time when the property’s control will be transitioning from the developer to the homeowners board. How A Transition Study New Jersey Differs From A Reserve Study www.lockatong.com

  6. Some high quality developer usually request for the transition study New Jersey to be done just to make sure that they are handing over the property with a clean bill of health. This study serves a twofold purpose. It can be forwarded to the developer of the property with the demand to repair and defects on the property. Since is it performed by an independent evaluator, it has more leverage to pressure the developer to address the defects. If a developer refuses to repair deficiencies or construction defects that were found during the survey, the  NJ transition study report can be used as evidence in litigation in order to force the person to comply. How A Transition Study New Jersey Differs From A Reserve Study www.lockatong.com

  7. By requesting this study the homeowners’ board also makes sure that it has done its fiduciary duty. The board can use the study to make sound business decisions when it comes to addressing the defects because it serves as an independent and expert analysis. It takes the guesswork out of identifying defects, their cause, as well as the cost of repairing them. How A Transition Study New Jersey Differs From A Reserve Study www.lockatong.com

  8. For more information on transition study New Jersey, check out http://www.lockatong.com/ today. How A Transition Study New Jersey Differs From A Reserve Study www.lockatong.com

  9. How A Transition Study New Jersey Differs From A Reserve Study Brought to you by: http://www.lockatong.com/

More Related