Ebooks

10 FAQs About Developer-Controlled Communities

Issue link: https://hub.associaonline.com/i/1469291

Contents of this Issue

Navigation

Page 8 of 9

QUESTION 9: WHEN DOES A DEVELOPER-CONTROLLED HOA TRANSITION TO RESIDENT GOVERNANCE? ANSWER: Each association has its own verbiage and requirements on when and how the transition to homeowner control occurs. Sometimes, the transition happens when a percentage of homes are sold. At other times, it takes place when the developer prepares notice to the association that it's willing to transition. Always reference the governing documents for specifics, as well as information about post-turnover developer duties. QUESTION 1O: WHAT ROLE DO HOMEOWNERS PLAY IN THE TRANSITION TO RESIDENT GOVERNANCE? ANSWER: Once it's time to transition, homeowners interested in volunteering as a member of the board of directors will have an opportunity to run for a position. Community members then vote to elect the board of directors. While HOA elections are typically held at an annual meeting, the governing documents will direct how and when voting occurs.

Articles in this issue

view archives of Ebooks - 10 FAQs About Developer-Controlled Communities