How to Deal with a Transition Period ; Transferring Power in Condo Associations Is an Involved Process
The Record, Bergen County, NJ › June 27, 2008
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Summary
The most critical time in the life of many condominium associations is the period known as "transition."
In its most technical sense, transition is the gradual transfer of control of a new association's board of trustees from the sponsor to the unit owners. Transition, however, is much more. It is a multifaceted process in which the unit owner board, with the guidance of a property manager and other professionals, confirms that the sponsor properly constructed the condominium complex, accurately maintained the association's finances, and honored its other commitments to the association. And it also is the time when the association attempts to ensure that the sponsor remedies any deficiencies in fulfilling those obligations.See the full content of this document
Extract
How to Deal with a Transition Period ; Transferring Power in Condo Associations Is an Involved Process
Under New Jersey law, the unit owners are entitled to elect all seats on the association's board once the sponsor has sold 75 percent of all units (except for one seat that the sponsor is permitted to appoint while it continues to construct or market units).
One of the most important steps in ...See the full content of this document
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