1. Governing Documents Review:
Ensuring that all relevant governing documents, including bylaws, CC&Rs, and rules, are reviewed and updated as needed during the transition process. This helps set the groundwork for the new phase of the HOA.
2. Financial Statements Transfer:
Transferring accurate financial statements, budgets, and accounting records to the new HOA management team to maintain financial transparency and accountability.
3. Vendor Contracts Transfer:
Handing over contracts with vendors such as landscapers, maintenance crews, and security personnel to maintain continuity in service provision.
4. Reserve Study Handover:
Providing the reserve study, which outlines long-term maintenance and repair needs, to ensure the new management has a clear understanding of the association's financial obligations.
5. Insurance Policies Transfer:
Transferring insurance policies and details to guarantee seamless coverage for the association's common areas and facilities.
6. Property Inspection and Maintenance Audit:
Conducting a comprehensive property inspection and maintenance audit to identify any areas needing immediate attention and to create a baseline for ongoing maintenance.
7. Legal and Compliance Evaluation:
Reviewing legal matters, ongoing litigations, and compliance issues to address potential liabilities and ensure a compliant transition.
8. Asset Inventory and Condition Assessment:
Creating an inventory of association assets and assessing their condition, helping in planning future maintenance and replacements.
9. Communication Plan Establishment:
Establishing a communication plan to ensure that homeowners are informed about the transition process and their roles within the new HOA structure.
10. Board Member Training and Transition:
Providing training to new board members and facilitating a smooth transition of leadership roles for effective decision-making.