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:

A.  Governing Documents
1.   Articles of Incorporation
2.   CC&Rs & Bylaws
3.   Rules and Regulations
4.   Condominium plan
5.   Deeds to common areas (for Planned Developments)
6.   Parcel maps (for PDs)
7.   Election Rules
8.   Collection Policy

B.  Architectural Records
1.   Architectural Standards
2.   Landscape plans
3.   Exterior colors & materials
4.  Any owner buildouts

C.  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

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

E.  Corporate Documents
1.   Corporate minute book
2.   Corporate seal (if any)
3.   All filings with the California Secretary of State 
4.   Membership list

F.  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

G.  Vendor Contracts
Management company, legal counsel, landscaping, pool maintenance, elevators, security, laundry, trash collection, internet, phones, etc.
(Have legal counsel examine agreements for term of the contracts, automatic rollover provisions, indemnity provisions, and any unusual provisions)

H.  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 Delivery 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