News
WHAT IS A RESERVE STUDY FOR YOUR HOA?
March 26th, 2016
The Reserve Study analyzes repair and replacement needs like roofing and painting that happen every year and provides a funding plan for accumulating money to perform this work when its needed. It is more a budgeting function than a construction or building analysis, although there is an element of that. The study is usually based on visual observations as opposed to forensic or destructive testing (tearing walls and roofs apart to see what's underneath). The Reserve Study assumes that regular and adequate maintenance is being done to prevent premature repairs or replacements. There are several parts to the Reserve Study process:
Jersey City Condo Building Will Be NJ's Tallest
March 26th, 2016
A 79-story Jersey City condo building that will be New Jersey’s tallest structure was officially started Thursday, in the latest example of a building boom that has changed the face of the Hudson River waterfront.
Liens Pursuant to the New Jersey Condominium Act
March 26th, 2016
Question: I’ve heard that when a mortgage lender forecloses on a condominium unit, the association is entitled to six (6) months of assessments. I’ve also heard that the association has “limited priority” over the mortgage. Is that true? What does that really mean?
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