How Does Turnover Of Association Control Work?
The transfer of control of the association from the developer to the unit owners is an important time for the association. It is at this time that the association must investigate the status of all accounting, legal, and structural issues that can affect the association. Recent changes in the Florida Condominium Act also impose further obligations on the developers and it is important that the condominium association or homeowner association be aware of their rights. The concept of transfer of control, also known as “Turnover”, has many pitfalls that must be considered by seasoned professionals. Our law firm has extensive experience in turnover negotiations, investigation, document preparation and litigation. We also work with many experienced accountants and engineers who are intimately familiar with all issues related to association turnover.
Even though the Condominium Act (Chapter 718, Florida Statutes) details the documents needed, there is no substitute for experience when it comes to turnover of association control. Our goal is to assist the board of directors as well as the property managers with the necessary steps for the benefit of all of the owners in the condominium association or homeowner association.