One of the most important events a homeowners association will face is its turnover or transition from the developer of the community to the homeowners.
Despite the importance of a turnover, many homeowners are unaware of the basics surrounding a homeowners association’s transition.
Turnover of any homeowners association means that the homeowners of the association, as opposed to the developer, are now entitled to elect the members of the association’s board of directors. This is a huge step for any association, as the board of directors serve as the voice of all homeowners while also conducting the day-to-day affairs of the association.
