HOA transition and turnover for small community developers.
You’ve paid attention to every detail of building your project. Now it’s time to turn the community over to the owners, and it’s …not exactly what you do everyday. It will take hours of accounting, records collection, meeting coordination, scheduling, preparation, and more to be ready for this important step.
You subcontract to experts in the construction process…now you can subcontract the transition to your owners.
Good transitions make happier owners.
Developers make so many decisions to make their buyers happy. But if the turnover to owners isn’t smooth and complete, it can complicate things with your buyers.
A well-organized turnover sets a homeowners association up to run itself…rather than being confused about finances or legal responsibilities. MicroHOA makes you look great for your buyers, and sets them up with everything they need to run their community easily. That will mean fewer problems for you to solve in the weeks and months after turnover.
MicroHOA keeps you compliant with financial and legal responsibilities for organized and stress-free HOA turnover.
MicroHOA services for developer transition and turnover
Prepare financials for HOA and owners
Keep or bring HOA bookkeeping up to date during transition, including setting up accounting, closing contributions, and current dues and reserve calculations; dues payments; vendor payments; developer reimbursements, and more;
prepare financial statements required for turnover (balance sheet and income/expense statement);
prepare individual owner account statements for each member;
prepare billing for any members owing dues;
coordinate opening bank accounts and/or transfer bank accounts to HOA board after turnover.
Compile documents for delivery on portal or digital record
legal documents including bylaws, declaration, and disclosures;
architectural plans;
current owner roster;
general and subcontractor roster:
certificates of occupancy;
contracts or service agreements of the HOA for turnover.
Turnover meeting preparation
57 point checklist of required and recommended actions including:
Invite owners, schedule virtual meeting, and confirm quorum;
Develop and send agenda and declarant resignation;
Send HOA board positions information for board election.
Post turnover:
Update secretary of state business filing (fee to be billed to declarant/HOA);
coordinate transfer/opening of bank accounts;
coordinate declarant/board meetings if requested.
Turnover meeting presentation
Customize slide presentation with statutory turnover requirements and more
Host online meeting in compliance with statutory turnover meeting requirements including proof of meeting notice and document turnover
Keep meeting minutes and file with new board
Budget and turnover accounting review
Conduct board of directors election
Post-turnover: Schedule and host board follow up meeting
Follow up support for your HOA
Do your HOAs keep calling you months after turnover with questions about their finances and community? Let’s take that off your plate. After turnover, Micro HOA can provide financial management and support. Talk to us about including management in your HOA budget. Services provided:
A dedicated online platform for the HOA for dues payment, account monitoring, HOA record-keeping, member communication, community email account, and more; the platform provides 24/7 clear, organized access to everything about the HOA, and provides record-keeping continuity for changes of board members and owners.
Onboard HOA members to the online platform for simple access to bills and online payment;
Provide HOA demands for sales settlement;
Complete condominium certification questionnaires.
Small Talk: Information and resources for small HOAs
