A successful transition is one in which the owner-controlled board works with the developer to ensure appropriate governance, adequate financial resources, and a properly designed and constructed community before the developer steps away from the community. Starting a Condominium or Homeowners association from the ground up can be a difficult task, but you can rest assured knowing that the experienced attorneys of Griffin Alexander, P.C. can provide dedicated and thorough assistance in the transition of your Condo or Homeowners Associations’ Board from beginning to end.
The procedure for effective turnover of control is set forth by the New Jersey Condominium Act, N.J.S.A. 46:8B-1et seq., and the New Jersey Planned Real Estate Development Full Disclosure Act (PREDFDA), N.J.S.A. 45:22A-21, et seq. Under the Condominium Act, residential developers retain the majority of control pre-transition, leaving homeowners with little input in the operation of the community before “control” is transferred fully to the Association’s Board. During the pre-transition period, Griffin Alexander, P.C. can assist to ensure oversight of the decisions made by the developer’s governing board, making the concerns of the homeowners heard, and assisting in hiring a management company that will act as a liaison between the developer and the membership.
During the turnover phase, it is essential to assess the health of the community by incorporating assistance from professionals. By incorporating professional such as architects, engineers, and accountants, our firm can ensure the owner-developer has left no obvious and significant construction defects, all common areas have been designed and constructed properly, and the developer has properly identified, accounted for, and appropriately allocated reserves for the future replacement of common elements. These factors, as well as many more, are important in negotiating the final transition from owner-developer to Condominium or Homeowner Association Boards.
For any questions about this blog, or to schedule a consultation with an attorney, contact Griffin Alexander, P.C. at 973-366-1188 or through our website here!
The information in this Client Alert is provided solely for information purposes. It should not be construed as legal advice on any specific matter and is not intended to create an attorney-client relationship. The information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based upon particular circumstances. Each legal matter is unique, and prior results do not guarantee a similar outcome.
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