Building a property entails several requirements from start to finish. These demands do not end with the permits one must submit before or during construction. Once an establishment’s building is finished, the process of transferring the property’s ownership, control, and responsibility from the developer to the association will be made.
Upon this transition, the association’s board of directors should hire a professional engineer to perform a transition study. This is when the whole building gets evaluated for any defects. The transition study New Jersey also should cover the estimated costs of possible repair and replacement for faulty components.
To ensure a comprehensive NJ transition study, key stakeholders should abide by the regulations mandated in the Planned Real Estate Development Full Disclosure Act (PREDFDA) and New Jersey Condominium Act. Additionally, a successful transition study can only be possible if the boards hire a qualified person to perform this task.
One must remember that each engineer has varying skill sets, knowledge, and work experience. The insights of the individual who will perform the transition study can significantly affect the decision-making of the developer and community association. And the discernment of undertrained individuals might not be as substantial as that of a professional engineer. This is why screening individual engineers or engineering firms thoroughly is necessary. Failure to do so may result in several issues in the transition study.
Furthermore, an underqualified individual might not be able to create a thorough checklist that is necessary for identifying possible concerns on the property. Without a detailed list of the areas to be inspected, underlying defects might get easily overlooked. And this might cause problems and more expensive repair or replacement costs for the developer.
A properly executed transition study is crucial to close off a building construction. This evaluation serves as a factual basis for negotiations between the developers and the association. To know more about transition studies and the mistakes one should avoid, check this infographic from Lockatong Engineering.