NEWS & PRESS

What Is An Alteration Agreement

If you`re renovating in an apartment building, whether it`s a co-op or a condominium, you probably know what a change agreement is. And if not, read on! This is one of the many factors that determine whether your renovation vision can come to life. INSURANCE: The agreement requires you to provide the appropriate documentation from your contractor and any subcontractors working on the project. Pay attention to the level of assurance required. In New York, buildings typically require coverage of $1 million to $2 million. However, some buildings require more than $5 million. Architect Jiwoo points out: “If your building requires this level of insurance, the pool of general contractors at your disposal will automatically decrease. Most contractors don`t have that level of insurance, so really look for experts who specialize in luxury buildings. “Change agreements can also dictate the days and hours contractors can work for you, as well as the schedule for the entire project. While change agreements impose restrictions on renovators, they are there to protect the building, not to make your life difficult. Modification agreements are documents that may vary from property to property, but they are designed to ensure that building-wide services and structures that serve all residents are not affected by the construction of an apartment. You must sign it before construction begins and submit the renovation plans to the building management for approval.

The boards of directors of co-ops and condos – the smartest – ask their lawyer to draw up an amendment agreement that must be signed by any shareholder or owner who wants to renovate or combine apartments. The agreement generally covers many areas: the scope of work; Review and approval by the architect or consulting engineer; a completion date (and Diem fees for orders that have overtime); proof that the contractor`s insurance covers the room and the building; and regulations allowing the engineer or building architect to inspect the work done to ensure that it conforms to the plans. No one wants to discover a surprise hot tub in apartment 15-J. The change agreement can often describe the renovation protocols. This includes the review process by the board of directors, the management company and the examining architect. .


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