During your HOA turnover, also known as the developer turnover process, your homeowners’ association can expect for many events to take place. The turnover process is a momentous occasion, if not the most important in a community’s history. During this process, homeowners are given control of their community.
Besides the standard turnover process, other events that can initiate the process include bankruptcy, receivership of the developer, and the appointment of a state court receiver. Once the homeowners are given legal control from the developer, they must accept the responsibility to manage the community themselves.
Your homeowners’ association should proceed through the turnover process properly, meticulously, and vigilantly. It is important to obtain as much information from the developer as possible during the turnover. Ask your property management company for assistance, as they should have prior experience with this turnover process. Read Florida Statute 720.307 - Transition of association control in a community (with respect to homeowners’ associations), for more information.
Has your community recently experienced developer turnover? Let us know in the comment section below.