Adams Stirling PLC


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.   Deeds to common areas (for Planned Developmentss)
6.   Parcel maps (for PDs)
7.   Election Rules
8.   Collection Policy

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 the Department of Real Estate)
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.

Recommendation: Boards should use CPAs who specialize in homeowner associations to prepare the association's tax returns. See California Code of Regulations §2792.23 for dDelivery of books and records by a subdivider.

ASSISTANCE: Associations needing legal assistance can contact us. To stay current with issues affecting community associations, subscribe to the Davis-Stirling Newsletter.

Adams Stirling PLC