9/9/2008

Developer Transition Studies – A Lesson In Due Diligence

In the life of every community association there is a time at which the control of the association is transferred from the developer to the owners.Typically this occurs when a certain percentage of units within a community are sold. The transition itself however is an evolving process that follows several stages and series of events. From a community’s inception the developer is responsible for creating the association and the initiation of the association’s operations and governance. However, during the transition process, it is the unit owner’s and their elected board that has the responsibility to work with the developer to ensure the transition is a smooth one.