Support for three critical phases of your project’s HOA

There are three critical times for a developer when building a project with an HOA. The work done in each of these phases will impact sales and customer experience…as well as the impact on you and your team.

1. Pre-filing and organization: Planning that determines quality and costs

Smart planning at this time helps sales and operations later. Careful choices made at the planning stage will build a community that works well for owners.

There are also important choices about budget and reserve study, which will determine unit assessments. Balance a responsible budget with buyer scrutiny of fees. Smart choices in phase one can reduce developer liability and build value in your product.

2. Transition: Owners enter the picture

When the HOA becomes a separate legal and financial entity from developer.

When bookkeeping and records obligations begin,  it’s critical to keep the HOA on track, transparent, and separate from developer.

Some of the obligations in this phase are:

-Bookkeeping: Set up and maintain HOA bookkeeping for transition period, including:

-closing contributions,

-current dues and reserve calculations;

-interim owner dues payments;

-vendor payments;

and any other required AR/AP of the project.

-HOA sale reporting requirements:

-Completion of lender questionnaires--, a 5-7 page disclosure of critical disclosures about financial, construction, project description, owner occupancy, bylaws provisions, and safety compliance.

-Provide HOA demand to closing attorney for unit sales

-Banking: Open and maintain association bank accounts

-Plan and schedule turnover timeline

-Communication: Welcome message and transition updates for new owners

3. Turnover: Last step of developer’s exit

Complete turnover of all resources required…plus more. Collection and delivery of all association records required by law. It will take hours of accounting, records collection, meeting coordination, scheduling, preparation, and more to be ready for this important step.

Financial obligations: Updated bookkeeping for association and unit owners; banking transition.

Scheduling and hosting of virtual meeting with owners.

Homeowner education and clear definition of responsibilities.

MicroHOA developer services team knows what’s important to developers in the transition and turnover process. We’ll get you through it with a clear, organized process that saves you time, money, and liability.