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Under these bond provisions, the association assumes the maintenance responsibility for improvements covered by the bonds the developer has taken out.


Under these bond provisions, the association assumes the maintenance responsibility for improvements covered by the bonds the developer has taken out. At the time the bond is required to be in place expires, if the association has failed to fulfill the obligations as outlined, the association would then be on the hook financially for that maintenance, repair, or replacement. Depending on the age and financial position of a newer community, this could pose significant financial hardship and/or a potential special assessment to the membership.


Work with proven industry professionals to ensure that all vendors are appropriately vetted.


Your Association Can Take the Following Steps to Protect Itself:


1. Work with your management team and/or legal counsel to review your documents at transition from developer to homeowner control to clearly understand the association’s maintenance responsibilities and clarify what, if any, bonds may still be in place;


2. Work with legal counsel to create a maintenance matrix to outline the maintenance responsibilities of Association vs. Owners—this is a small expense to ensure the responsibilities are clear to all owners, board members and managers in the present and future;


3. When engaging vendors for major projects, work with proven industry professionals to ensure vendors are appropriately vetted, and good contract language and other safeguards are in place to protect the association.


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