Video FAQ:

How do the homeowners or condominium owners prepare for the developer transition?

Preparing for the developer transition is very important. Typically, the homeowners will put together what’s called a transition committee. It doesn’t have any real power or formal existence. However, it’s people who are interested in the well-being of their community getting together, talking about who wants to be on the board, who wants to be on various committees, and who are watching what’s going on with the project. That way, when the project is actually turned over to them, they don’t have to start from scratch. They’ve already got a lot of that kind of work done.