Video FAQ:

What are the responsibilities of the homeowners or condominium owners after the transition?

The responsibilities of condominium owners after transition is to take over operation of the association. That means they need to make sure that the assessments are collected, the property is maintained and the rules are followed. They typically hire a management company to assist them with that. It’s also a very good idea to have an attorney and a CPA that they used that they can call on whenever they need those services.