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CONDO / HOA / TOWNHOUSE: 
A condominium inspection, whether residential or commercial, is real estate, such as a unit in an apartment or commercial complex or a parking space in a garage, that combines fee simple title to the unit and joint ownership in the common elements shared with other unit owners.

A Condo is a unit in such a complex. The complex will almost always be governed by a Home Owners Association (HOA). The inspection process does not cover common areas in and around a condominium complex or those areas or components that are the responsibility of the association. Any comments made regarding same have been made as a courtesy only.

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Reserve studies are performed for Home Owners Associations regularly. The reserve study helps the condo association in assuring that enough funds are available for necessary repairs and maintenance of the common areas and components. Be aware that the inspection process does not review or report on reserve funding. It is recommended that you carefully review the association's "PROFORMA OPERATING BUDGET" before taking possession of the condominium. In the Components Section of the Survey Findings Page the inspector may only indicate "HOA." The Home Owners Association may cover common grounds around the dwellings only and may not cover any components of the dwelling itself. Again, it is recommended that you review the reserve funds documents before taking possession of the dwelling. The inspector may check "townhouse." A townhouse is usually considered one house, or residence, of a row of houses connected by common side walls. Please refer to the seller regarding noise from neighbors, safety considerations, the usable yard, etc., none of which are covered by the visual inspection process. 

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Exactly who works for you during a home purchase? Your New Jersey Real Estate Attorney will, as will a very carefully selected home inspector. A haphazardly selected inspector can be very hazardous to your wealth. Many home buyers are told by those who are only compensated if a sale goes through all licensed home inspectors are the same. Few things can be further from the truth. For example if you were going to a doctor would you prefer one who just got out of school last week, or one who taught in the school for a few years, who has been in practice since 1993, who had eight or so years experience in an affiliated industry and who has done the exact same thing more than 6,000 times for others. When selecting a doctor, New Jersey Real Estate Attorney or New Jersey Home Inspector do not let the minimum qualification of holding a license fool you. Go out of your way to select the best qualified and most experienced professional you can afford. Click for more information about New Jersey Real Estate Attorney, Real Estate Law or about Home Inspection Books -

 

File last updated February 07, 2012 * Copyright © 2012 All rights reserved by: Accurate Inspections, Inc. A New Jersey home inspection firm 56 Woodland Drive, Woodland Park (formerly West Paterson) NJ 07424 973-812-5100 providing New Jersey Certified Home Inspections in NJ, by New Jersey Licensed home inspectors. Inspector of record Michael Del Greco, New Jersey Home Inspector License GI 0121.

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