08/06/2024
ATTENTION ALL CONDO ASSOCIATIONS:
On January 8, 2024, Governor Murphy signed legislation (P.L. 2023, c. 214) enacted in response to the tragic collapse of a high-rise condominium in Florida in 2021. This legislation's goal is to put in place procedures for inspecting, evaluating, and maintaining the structural integrity of certain residential housing structures within the state. In addition, the New Jersey Planned Real Estate Development Full Disclosure Act was amended to require Associations to adequately fund reserves for maintenance and repairs.
This new law has two sections:
1. Inspection Requirements: A condominium association is responsible for having its buildings inspected. The condo’s primary load bearing system must be inspected on or before January 8, 2026 and then every 5 to 10 years, depending on the age of the structure. The structural inspection must be performed by a contracted New Jersey licensed engineer who has been hired by the owner to perform such inspections.
2. Capital Reserve Study Requirements: A reserve study must be updated at least every five (5) years. If an association’s reserve study is more than five (5) years old as of January 8, 2024, or if an association does not have a reserve study, the association shall have one (1) year from January 8, 2024, to produce a reserve study. The reserve study must be supervised or performed by: (1) a CAI-accredited Reserve Specialist; (2) a New Jersey licensed engineer; or (3) a New Jersey-licensed architect. The reserve study must include projected costs for the above structural inspections as well as a 30-year funding plan.
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