Turnover: Transitional Considerations for the HOA

Part one of this blog discussed turnover in its initial stages: the events that trigger turnover and the files and papers the developer is required to produce to the homeowners’ association at the time of turnover. Once an association has completed those steps, the board must then turn to critical business and make crucial decisions for the association. Associations and their boards should bear in mind the following issues as they go through turnover and immediately thereafter.  Subsequent to turnover, the association is independent from the developer and its support. At that time, the Board must ensure that the developer delivered on all its promises, and that the physical property and the association’s finances were properly maintained during the time period the developer was in control of the association. Turnover provides a narrow window during which the association can identify and resolve issues before the responsibility for doing so lies solely with the association.      Read the article……………


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