Condominium & Homeowner Association Transition
From Developer to Association:
Association Documents
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Architectural Guidelines, Board Policies/Resolutions, Rules and Regulations |
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Deeds and plats to common areas |
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Governing Documents – Bylaws (current and past) |
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Governing Documents – Corporate Charter/Articles of Incorporation |
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Governing Documents – Covenants, Conditions & Restrictions (CCR’s) |
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Minutes book |
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Names, addresses, and telephone numbers of owners |
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Names, addresses, and telephone numbers of mortgagees |
Financial
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Audits |
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Accounts payable ledgers and schedules |
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Accounts receivable ledgers and schedules |
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Bank reconciliation |
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Budgets |
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Certificates of Deposit |
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Charts of accounts |
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Checks |
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Expense analyses and expense distribution schedules |
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Financial statements |
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General ledger |
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Inventories of products, materials & supplies |
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Invoices from vendors |
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Invoices to customers |
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Notes receivable ledgers & schedules |
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Payroll records & summaries, including payments to pensioners |
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Replacement reserve records, including costs, depreciation reserves, depreciation schedules, blueprints & plans, estimated life of asset |
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Tax returns |
Maintenance
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Certificates of occupancy for common elements |
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Contracts |
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Correspondence |
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Employee personnel records |
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Insurance policies |
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Insurance records, accident reports, claims |
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Keys and combinations |
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Warranties |
Assurances
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Statement of compliance with ordinances and governing documents |
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Confirmation from local authorities re: fire hydrants, etc. |
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Confirmation that emergency communications centers have mapped association |
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Statement of determination of public agency or utility responsible for lights/sewer |
From Association to Developer:
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Transition Agreement and Release??? |
Other Activities:
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Organizational “audit”
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Physical and common elements “audit” | ||||||
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Engineer/contractor for inspection of common elements | ||||||
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Engineer/contractor for reserve analysis on common elements | ||||||
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Confirm that association owns common elements | ||||||
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Review/new reserve study | ||||||
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Review assessments and budgets | ||||||
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Evaluate contractors—insurance, management, landscape | ||||||
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Orientation—all aspects of Association’s operations | ||||||
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CAI ABC’s—“A Basic Course for Association Leaders” | ||||||
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Job description for Directors | ||||||
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Handbook for Directors, including governing documents | ||||||
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Recruit Directors from committees |
Transition Checklist PDF
Articles are intended to provide general information and are not legal advice or a legal opinion. Specific questions should be directed to an attorney at Law Firm Carolinas or to another lawyer.