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Articles Tagged with turnover process

berenice-m-mottin-berger-2021-300x300LTLehr-2018-Siegfried-Rivera-200x300An article authored by the firm’s Lindsey Thurswell Lehr and Berenice Mottin-Berger appeared today as the featured expert commentary column in the online edition of the Daily Business Review, South Florida’s exclusive business daily and official court newspaper, and will soon be appearing in the “Board of Contributors” page of the print edition.  The article, which is titled “Buyers at New S. Fla. Communities Must Diligently Protect Interests During, Post-Turnover,” begins by acknowledging that the South Florida housing market is now booming, thanks in large part to an influx of professionals relocating here and increased work-from-home opportunities under the new post-pandemic normal.  The attorneys note that many of the region’s new residential developments now rushing to completion will soon undergo the turnover process by which control of their operation and management is transferred from developers to property owners.  They write that this is a crucial stage with significant consequences for the long-term financial and administrative well-being of communities, making it essential for property owners to closely monitor the turnover process to protect their rights and investments.  Lindsey and Berenice’s article reads:

. . . Generally speaking, the turnover process presents the initial opportunity for new owners and owner-controlled boards of directors to hire independent legal counsel, financial professionals, and engineers to conduct meticulous inspections of a community’s property as well as its rules and business records. Communities at this stage will need to diligently interview and investigate prospective service providers to ensure only independent and highly qualified professionals are retained to represent the interests of all owners and hold developers to their warranty obligations.

dbr-logo-300x57As owner-controlled communities have different goals and needs than those still operating under the regime of their developer, the drafting of new rules regulating community affairs, collections policies and construction matters should be considered.

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