NJ A2274

Requires structural inspections of condominium and cooperative buildings with concrete, masonry, steel, or hybrid primary load bearing systems within 15 years of receiving a certificate of occupancy, or within 60 days of observable damage

Mandates existing buildings that received certificates of occupancy 15+ years before the law takes effect to complete initial structural inspections within 2 years; subsequent inspections required at least every 5-10 years depending on inspector findings

Requires condo and co-op associations to conduct capital reserve studies every 5 years to assess funding adequacy for repairs and replacements, with 30-year funding plans to avoid special assessments or loans

Grants association executive boards authority to adopt assessments or obtain loans without owner consent when necessary to fund corrective maintenance of primary load bearing systems that pose safety hazards

Requires developers to prepare preventative maintenance documents outlining inspection schedules and maintenance tasks, which must be delivered to the association and made available to prospective purchasers before sale