Condominium & Homeowner Association Transition
We are often asked what types of documents an association MIGHT want after transition from a developer. What follows is an exhaustive list, beyond what will likely be provided or may even exist, for purposes of consideration.
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 - membership meetings and board meetings
- 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
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:
- Transfer of Special Declarant Rights document?
- Transition Agreement?
Other Activities:
- Organizational audits
- 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
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.
