New Jersey has taken a proactive approach to ensuring the safety and financial stability of condominiums and cooperatives with the implementation of a new statute on January 8th, 2024. The statute mandates the performance of structural façade inspections and capital reserve studies for these types of properties.
The new statute requires condominiums and cooperatives to conduct periodic structural façade inspections and capital reserve studies. These assessments are aimed at identifying potential structural issues and ensuring that adequate funds are set aside for future maintenance and repairs. The statute emphasizes the importance of proactive measures to safeguard residents and protect property values.
By mandating structural façade inspections, the statute aims to identify any potential risks or weaknesses in the building’s exterior. Similarly, capital reserve studies help ensure that associations have sufficient funds available to cover future maintenance and repair expenses, thereby preventing financial strain and special assessments on residents.
Condo and co-op owners should familiarize themselves with the requirements of the statute and work with their associations to ensure compliance. Failure to comply could result in legal consequences and financial risks for the association and its members.
