September 6, 2018

Developer Services


The birth and management of a new community is uniquely different than managing existing, established homeowner associations.

While the developer serves as the Board of Directors, they must ensure that the association complies with all state statutes, and of course the association’s governing documents.

Your HOA’s Developer Services help prepare for first-time sales within a developing community. This process can be a very time-consuming and exasperating for the developer. Ninety percent of the problems encountered in newly-developed homeowner associations can be attributed to common errors and oversights which occur during the set-up process. Finding a community association management company that knows the requirements, are experts at setting up documents, and who can build a proper database for first-time sales is imperative to the expeditious processing of loans and a smooth-running association.

HOA Setup

Preliminary review of the association’s governing documents.

Development of Rules and Regulations, Resolutions and Collection Policies.

Build-out budget assistance to help determine an appropriate assessment rate.

Establish a TAC (Transitional Advisory Committee) and facilitate the transition of administrative control from the Board of Directors of the HOA (declarant) to the Board of Directors of the HOA (homeowners).

Coordinate and facilitate the turnover meeting and transition process from developer management to owner/member management.

HOA Management

Manage the day-to-day operations of the association.

Obtain proposals for all necessary insurance, including property, liability, directors and officers, fidelity, and umbrella coverage.

Negotiate with contractors for trash removal, landscaping, pool management, water, gas, electricity, and other association services as necessary.

Prepare welcome packages and homeowner association information.

Serve as the Registered Agent to receive association notifications, as required by the state Corporation Commission.

Financials

Apply for Employer Identification Number (EIN) as needed for non-profit corporations in order to open bank accounts and file taxes.

Open necessary bank accounts on behalf of the association to include operating and reserve accounts (as require).

Coordinate obtaining a reserve study to ensure the proper funding of the reserve account is started as soon as possible.

In addition to monthly financial statements, provide reports that track income and expenses to monitor developer’s subsidies.

Build-out budget assistance to help determine an appropriate assessment rate.

Complete lender questionnaires.

Provide builder title companies with closing instructions for association fees to be collected on “Builder-to-Homeowner” transactions.


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