“Condo Transition” Is Different Than “Condo Conversion”
According to Donald Brenner, a condo “transition” is the turnover process in which the developer turns over common areas to the new homeowner/community association. This process is awkward at best and there are certainly some bumps along the road:
“Most of the time, the unit owners who now control the Board of Directors of the association have no experience with construction and are just getting familiar with the construction issues at the same time that the developer is heading for the door. Normally, by the time the association finds out about design and construction deficiencies and defects, the developer is long gone and there are no more units left to be sold. The developer is typically a shell company set up as a corporation or limited liability company that has no assets and no real interest in doing repairs.”
20 December 2006 | Construction, Construction Defect, Consulting, Litigation | Comments
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