ENTER ER


…‘In’ With the Unit Owner-Elected Board:


Once turnover is triggered, the unit owners will vote to elect a Board that is comprised of a majority of non-developer directors, and the unit owner-elected Board will assume responsibility for administering the Association, including its financial operations and physical structures.


The first year of unit owner Board control following turnover sets thetonefor establishing proper operationofthe Association. During this period, the new Board will need to address several important and time-sensitive issues,


including timely asserting common element warranty claims (assumingthe


developergrantedawarranty


under the purchase contract), analyzing the Association’s financial recordstoensurethe income andexpenses were proper during the period of developer control and that theAssociation hasadequatefunding to meet its financial obligations. It is imperative that the new Board proceed timely to avoid missing any deadline for submitting developer claims.


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