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 New Jersey
home inspection NJ home
inspectors perform
Certified New Jersey home
inspections in NJ.
CONDO / HOA / TOWNHOUSE:
A condominium, 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. "Reserve
studies" are performed for Home Owners
Associations regularly. The reserve study helps
the 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.
The above information was provided by TWI Systems Copyright 1995-2005 1-800-553-5660 |
