Transition of association control

Common Elements summary — Section 720.307 governs HOA turnover — the transfer of association control from the developer to the lot owners. The developer must turn over control of the board when 90% of the parcels in all phases have been conveyed to owners other than the developer, OR three months after the developer files an application for a final development order or final inspection on the last parcel, whichever comes first. At turnover the developer must deliver: all financial records, all governing documents, all contracts, all permits, all warranties, an audit of association finances by an independent CPA, all insurance policies, and the keys. The new board must give written notice to all members within 90 days of the turnover meeting. For successor boards: the most important post-turnover task is commissioning an independent audit and an independent property condition assessment within 90 days. Florida's construction-defect tolling rule (95.11 plus 720.307 case law) means the SOL clock starts running at turnover for claims against the developer. A board that "waits to see how things go" can lose claims worth millions before it ever gets advice.

Not legal advice. Click through to the official source for statutory text.