How Is A Transition Study New Jersey Different From A Reserve Study?

1. How Is A Transition Study New Jersey Different From A Reserve Study? Brought to you by: www.lockatong.com

2. While a transition study New Jersey has a narrower purpose compared to a reserve study, it is very important. It entails identifying and documenting potential construction as well as design deficiencies on a property at the time when the developer hands it over to the board or management company. The main focus of this study is the defects. For instance, it can reveal if there is water infiltration, roof leaks, and other problems in a building that are caused by poor design or craftsmanship. How Is A Transition Study New Jersey Different From A Reserve Study? Lockatong.com

3. As part of the transition study, a cost estimate to repair the defects that will be identified is supposed to be provided. Ideally, a transition study occurs only once at the time when the property is being handed over from the developer to the homeowner’s board. Some high quality developers may order the transition study at this juncture in order to make sure that the property is handed over with a clean bill of health. But in most cases, it is the association’s board that orders the study to be carried out before it takes control of the property from the developer. How Is A Transition Study New Jersey Different From A Reserve Study? Lockatong.com

4. Typically, the concern of the board members is whether all the elements of the property are complete and in compliance with state laws. So it can be right to say that the New Jersey transition study serves a twofold purpose. First, findings from the study can be forwarded to the developer of the property along with demands to repair any defects on the property. Because the study is conducted by an independent and unbiased evaluator, it has more leverage to pressure the developer into voluntarily complying with repairing the defects that will have been found. How Is A Transition Study New Jersey Different From A Reserve Study? Lockatong.com

5. In the event that the demands for repairs and further negotiations are not successful, the findings from the study can be used as evidence in litigation in order to force the developer to take responsibility for the repairs. As for the purpose of the transition study to the board, it will be able to make sure that it has met its fiduciary duty. The study will serve as an independent and expert analysis that the board can rely on for making sound business decisions when dealing with construction defects. The study will help to take any doubt or guesswork in the process of identifying repairs, what How Is A Transition Study New Jersey Different From A Reserve Study? Lockatong.com

6. caused those repairs, as well as the costs that will be involved in doing the repairs. Even though a transition study has some similarities to a reserve study, they are totally different things that are meant to serve different purposes. In the case of a reserve study, there needs to be an update in future in order to accommodate ordinary wear and tear that is experienced on properties over time. This is unlike a transition study that looks back in time in order to discover or uncover defects that were caused by construction problems by the property developer or his contractors. How Is A Transition Study New Jersey Different From A Reserve Study? Lockatong.com

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8. How Is A Transition Study New Jersey Different From A Reserve Study? Brought to you by: www.lockatong.com