Property Management

Transitioning Condo Building Associations from Developer to Board Member Control

[fb_button]Because building developers put a lot of resources into the construction of a new building, they usually maintain control of the association for a certain period of time in order to protect their interests. Once that period is over, it is in the owners’ interest to transition to an owner-controlled association and, if need be, choose a new property management company. Let HALES take out the guess work of figuring out how to transition your association out of developer control and into board member control. This service is designed to assist newly-formed associations (either a new construction or conversion building) with properly setting up your condominium association. Our services are there to make your life easier while also protecting your investment. They include:

  • Document Review: HALES will review all of the documents obtained from the developer and will provide a recommendation as to the level of compliance received by the developer and, if applicable, a list of missing items to assist the board in determining appropriate action. If necessary, HALES will assist with setting up the association with the State of IL while complying with the IL Condo Act requirements.
  • Financial Review: HALES will review all financial statements and invoices obtained from the developer and look for discrepancies to determine if money is owed to the association. HALES will also review all ledger balances of all units and advise the board of any delinquencies along with appropriate action. HALES will also generate a detailed budget based on historical data and board preferences.
  • Property Review: HALES will conduct an informal inspection report complete with photos of any construction defects or potential hazards and issues, and set realistic expectations on what may or may not be the developer’s obligation to the Board. This can include, but is not limited to, reviewing construction documents and plans, determining potential life safety issues, guiding the board with creating a detailed punch list, establishing a good communication relationship with the developer, and assisting the Board in understanding all options for executing completion of tasks.

HALES will also assist the association with conducting the initial annual association meeting to elect officers for the board of managers, adopting a reasonable budget, generating a document of association rules and regulations, and setting forth expectations of board members and management to the respective unit owners.[fb_button]

Ready to manage your building with ease? We’re ready to jump in!

Get started with a proposal request.