A New Jersey Transition Study Primer (Infographic)

The transition is a critical time for both developers and community association. Pursuant to the Planned Real Estate Development Full Disclosure Act (PREDFDA) and New Jersey Condominium Act, transition is phase which primarily requires the developer to turn over: 1) The units to their respective owners; 2) the control over common areas to the association, as well as all tangible assets represented by the developer to be part of the common areas – among others.

To ensure that the developer has built a development that can efficiently serve all the needs of the community and can retain its value as an asset throughout its use, the association’s board must seek the service of an expert to conduct a transition study.