Video FAQ:

Can the developer retain seats on the board after the transition?

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After the developer transition, the developer is allowed to maintain seats on the board. There’s two different circumstances where that occurs. First, where they have at least 5% of the units still for sale, they’re allowed one person on the board as a matter of right. After they get below 5%, they can have a person on the board if they own enough units and/or the homeowners vote to put them on the board. Otherwise, they can’t.