How long does the developer transition take?
The developer transition process itself takes between five and six months. Once 90 percent of the sales have occurred, that starts a 90 day waiting period. At the end of that waiting period, the homeowners are entitled to elect the homeowner board members. But they actually have to have the election, so there will be a further delay while the election takes place at a condominium association that’ll be governed by statute and will take at least 60 days, and a homeowners’ association is governed by the language in the bylaws and will typically take 60 to 90 days.