{"id":23826,"date":"2020-07-28T14:30:10","date_gmt":"2020-07-28T14:30:10","guid":{"rendered":"https:\/\/www.process.st\/templates\/hoa-transition-checklist\/"},"modified":"2024-02-29T02:33:26","modified_gmt":"2024-02-29T02:33:26","slug":"hoa-transition-checklist","status":"publish","type":"post","link":"https:\/\/www.process.st\/templates\/hoa-transition-checklist\/","title":{"rendered":"HOA Transition Checklist"},"content":{"rendered":"
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Introduction:<\/h2>\n
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This is arguably the most well-known and critically important HOA process<\/strong> \u2013 the transition of management from a developer-controlled association to a resident-controlled HOA.<\/p>\n

The transition process will almost certainly require external assistance from a CPA, lawyer, and others.<\/strong> It is highly recommended to bring in a neutral third party to review the books, validate your community\u2019s financial health, train the new treasurer,<\/strong> and even help resolve potential conflicts during the turnover.<\/p>\n

The transition process also requires close collaboration between the developer and the HOA members,<\/strong> which is accounted for in the checklist with approval tasks that require review and approval from both parties<\/strong> before moving on to the next stage of the transition.<\/p>\n

In brief, here are the six key things<\/strong> you should do as part of the transition process.<\/p>\n

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  1. Inspect all financial documentation (budget, bank statements, tax returns, vendor contracts, etc.)<\/li>\n
  2. Conduct a financial audit (highly recommended to hire an experienced CPA)<\/li>\n
  3. Conduct a reserve study to evaluate the health of the reserve fund<\/li>\n
  4. Ensure compliance with state laws and CCRs<\/li>\n
  5. Determine the HOA board of directors (election) and conduct training with the developer<\/li>\n
  6. Hire an engineer to inspect the properties<\/li>\n<\/ol>\n

    This HOA Transition Checklist will take you through each of the above tasks<\/strong> while maintaining communication with other stakeholders such as the developer and external professionals assisting you with the transition.<\/p>\n

    Bear in mind that the best time to<\/strong> start your transition is about 4-6 months before the official developer turnover.<\/strong> If you wait until during (or after) the turnover process, you may find it more difficult to get access to important records from the developer.<\/p>\n

    A little info about Process Street<\/h5>\n

    Process Street<\/a> is superpowered checklists<\/strong>. By using our software to document your processes, you are instantly creating an actionable workflow in which tasks can be assigned to team members, automated, and monitored in real-time to ensure they are being executed as intended, each and every time.<\/p>\n

    The point is to minimize human error, increase accountability<\/strong>, and provide employees with all of the tools and information necessary<\/strong> to complete their tasks as effectively as possible.<\/p>\n<\/div>\n<\/section>\n

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    Enter basic details<\/h2>\n
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    First, enter some basic details regarding the HOA, the property developer<\/strong> who is transitioning out of managing the property, and the date of the first transition meeting.<\/strong><\/p>\n<\/div>\n

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