Condo Association Management Blog

The first HOA meeting will more than likely be your "turn-over" meeting where the control of the association will turn over to the home owners (from the developer). This is when you should hold your first "elections" to elect your Board. If this has not yet been done then no, there wouldn't be any meeting agendas/minutes from previous HOA meetings as there is not yet an HOA. The Reserve Study is something that is highly recommended but this is typically done by someone hired by the HOA. A Reserve Study should be done within the first couple of years after the turn-over. I have yet to see a developer hire anyone to conduct a reserve study, I believe it's because if there are any deficiencies - it's probably due to the developer, or his contractors work (or just poor choices in materials used for construction, etc. by the developer and/or his contractors); so it's safe to say your developer has not had this study done. Resale certificates are public record, you are able to search for these yourself. I would think the developer would provide you with any re-sale certs, but if not you can check with your locate recorder of deeds to confirm re-sales yourself. Now, what the developer should be able to provide is their current budget, as well as any previous years budgets. I would even go so far as to request the current years cash-flow as well and you can cross-reference this against their budget. if you are paying assessments, you have full right to the current financial status. I hope this helps!

They have to provide you with the HOA docs, public offering statement and Q & A sheet, in Florida you have 15 days to cancel the contract in the event no documents are provided to you by the developer, check your state law.