Homeowner & Condominium Association Transition
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by
Jim Slaughter, Attorney

FROM DEVELOPER TO ASSOCIATION:

Association Documents

• Architectural Guidelines, Board Policies/Resolutions, Rules and Regulations

• Deeds and plats to common areas             

• Governing Documents – Bylaws (current and past)               

• Governing Documents – Corporate Charter/Articles of Incorporation     

• Governing Documents – Covenants, Conditions & Restrictions (CCR’s) 

• Minutes book                         

• Names, addresses, and telephone numbers of owners

• Names, addresses, and telephone numbers of mortgagees

 

Financial

• Audits

• Accounts payable ledgers and schedules             

• Accounts receivable ledgers and schedules                   

• Bank reconciliation                

• Budgets               

• Certificates of Deposit            

• Charts of accounts                 

• Checks                

• Expense analyses and expense distribution schedules           

• Financial statements               

• General ledger               

• Inventories of products, materials & supplies              

• Invoices from vendors            

• Invoices to customers             

• Notes receivable ledgers & schedules                  

• Payroll records & summaries, including payments to pensioners             

• Replacement reserve records, including costs, depreciation reserves, depreciation schedules, blueprints & plans, estimated life       of asset      

• Tax returns

 

Maintenance

• Certificates of occupancy for common elements

• Contracts   

• Correspondence  

• Employee personnel records  

• Insurance policies         

• Insurance records, accident reports, claims         

• Keys and combinations

• Warranties

 

Assurances

• Statement of compliance with ordinances and governing documents

• Confirmation from local authorities re: fire hydrants, etc.

• Confirmation that emergency communications centers have mapped association

• Statement of determination of public agency or utility responsible for lights/sewer

 

FROM ASSOCIATION TO DEVELOPER:

• Transition Agreement and Release???

 

OTHER ACTIVITIES:

• Organizational “audit”

  • Corporate audit

  • Governing document audit

  • Covenant enforcement audit

• Physical and common elements “audit”

• Engineer/contractor for inspection of common elements

• Engineer/contractor for reserve analysis on common elements

• Confirm that association owns common elements

• Review/new reserve study

• Review assessments and budgets

• Evaluate contractors—insurance, management, landscape

• Orientation—all aspects of Association’s operations

• CAI ABC’s—“A Basic Course for Association Leaders”

• Job description for Directors

• Handbook for Directors, including governing documents

• Recruit Directors from committees

This article is intended to provide general information about the topic discussed and is not legal advice or a legal opinion.  
Specific questions should be directed to a lawyer at Forman Rossabi Black, P.A., or to another attorney.

info@frb-law.com

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