Question:
What specific paperwork should a /developer provide to the HOA in transitioning from builder to homeowner HOA
– Chalena
Answer:
Hi Chalena,
During a transition, the developer may provide the following:
- Recorded declaration and articles of incorporation
- Bylaws, rules and regulations
- Meeting minutes
- Financial statements, financial records, and tax returns
- Contracts and correspondence with vendors
- Warranties
- Service and employment contracts
- Owners’ information and mortgages
- Maintenance records
- Insurance policies, certificates, and claims history
The developer may also provide a memorandum of understanding regarding the terms and conditions of the release of governance to the homeowners. This is not required by law, but it may be beneficial.
Disclaimer: We are not lawyers. The information provided on this website does not constitute legal advice.
