When an HOA is turned over from a declarant, developer or builder, and control is given to members who live in the development, this process is referred to as the transition. HOA transitions are critically important to the future health and stability of developments. The group responsible for taking over will almost certainly require professional assistance from a lawyer and financial expert. If the transition is not done right, the incoming board could be left to clean up a big (and potentially costly) mess. Read the article………………………….
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