Transition, what is it?
Our community is under the combined control of the developer, K Hovnanian, and the two associations, the Master Association, and the Condominium Association until such time that a transition process is completed.
This process begins when both the Condo board and the Master board receive individual bids for engineering services and then interview prospective engineering firms for a detailed review of the plans approved by Cedar Grove Township. After reviewing the plans, the engineering company will then do a detailed site inspection for the Master Association comparing the as built result with what was planned to determine if there are any deficiencies. Any variations or deficiencies become points of negotiation with Khov for resolution. The engineers (or their sub- contractor) will also be doing what is called a capital reserve analysis. In this part the engineers look at the life cycle of many of the components of the community and set up a schedule of reserves which need to be established so that when the time comes for replacement, the funds are available to the association. Without careful management of the level of reserve set aside, the community would likely find itself in a situation where there is a shortfall of funds needed which means the homeowners will be assessed to makeup the shortfall. This is not a good thing or a community.