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Posts tagged "Transition"

How Was Your Money Attended to Pre-Transition?

Florida community associations are big businesses, with annual budgets for larger projects running into the tens of millions of dollars. At its inception to the point of transition to owner control (which usually is at least a couple of years), each association is operated by a board of directors appointed by the developer. During this "pre-transition" period, these developer-appointed directors are running the business of the association (collecting revenue, expending money, contracting for services, performing maintenance, establishing or waiving reserves, etc.). From the point each new owner closes on their unit or parcel, each is a shareholder and contributing member in the association.

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