In most instances, when a building is converted into the condominium form of ownership, an engineering survey is required.
Kipcon will perform a visual inspection of the common areas including the site, building exterior and building interior as well as a percentage of unit interiors, assuming that access is available. In addition to visual observations, Kipcon’s conversion reports also include the following:
• Review of the most recent New Jersey Department of Community Affairs inspection certificates
• An Inspection Report, prepared in accordance with the “Regulations for Condominium and Cooperative Conversion” as required by the Department of Community Affairs to include:
– A summary of items which are found to be in need of repair or replacement.
– A description of the various components which make up the property and an assessment of their general condition.
– A full replacement reserve study in compliance with the National Reserve Study Standards published by the Community Associations Institute.
– An energy audit.
Kipcon also has the expertise to prepare as-built floor plans for each type of unit and building floor plans which shall indicate the locations of the specific units included within the current offering.
These surveys are to be used as a disclosure document for the new purchasers. At Kipcon we have extensive experience in the preparation and review of surveys of this type.