Question:
The developer of our small HOA (aprox 40 homes) is ready to turn over control to the Homeowners. Seeking advice on the best practices to do so.
– Pamela
Answer:
Hi Pamela,
To ensure a smooth transition from developer to homeowner control in your North Carolina HOA, start by reviewing all governing documents and legal requirements, as these outline turnover procedures and compliance needs. Conduct a financial audit to verify the association’s financial health, ensuring transparency for the new board.
Form a transition committee to oversee the process, working with the developer to inspect common areas for issues that should be addressed. Schedule a formal turnover meeting where the developer hands over control, including essential documents, financial records, and warranties.
New board members may benefit from training in HOA management, possibly with support from a property management company. Finally, maintain open communication with homeowners throughout, as transparency builds trust and fosters a collaborative community atmosphere.
Disclaimer: We are not lawyers. The information provided on this website does not constitute legal advice.
