TRANSFER OF DEVELOPER RECORDS

As a developer sells the last of his properties and turns control of the association to an owner-controlled board, the new board should obtain the following documents from the developer:

Governing Documents
1.   Articles of Incorporation
2.   CC&Rs & Bylaws
3.   Rules and Regulations
4.   Condominium plan
5.   Common area grant deeds

Architectural Records
1.   Architectural Standards
2.   Landscape plans
3.   Exterior colors & materials

Construction Documents
1.   Bonds
2.   Tract/Parcel maps
3.   Plot plans
4.   List of sub-contractors who worked on the development
5.   Blueprints + as-built plans
6.   Final Subdivision Report ("white report" issued by D.R.E.)
7.   Certificate of Occupancy

Insurance Policies
1.   General Liability
2.   Directors & Officers Liability
3.   Fidelity bond
4.   Workers' Compensation

Corporate Documents
1.   Corporate minute book
2.   Corporate seal (if any)
3.   Statement of Domestic Nonprofit Corp. (Form 100)
4.   Membership list

Financial Documents
1.   Budget
2.   Reserve study
3.   Bank statements
4.   Financial statements
5.   Assessment schedule (verify against CC&Rs)
6.   Tax returns
7.   Invoices for unpaid bills
8.   Bank signature cards
9.   Checks
10.  Delinquency list and liens

Vendor Contracts (carefully examine the agreements for term of the contracts, automatic rollover provisions and any unusual provisions) for landscaping, pool maintenance, elevators, security, laundry, trash collection, etc.

Warranties & Maintenance Manuals. Roofs, boilers, elevators, security gates, HVAC equipment, fire/life/safety systems, pool equipment, etc.

Updated by ADAMS KESSLER 5/7/2008