What is the formal gathering called for selecting the directors of the owners' board?

The formal gathering for selecting the directors of the owners' board is referred to as a Turnover Meeting. This meeting occurs at a critical juncture in a condominium's lifecycle, typically when the developer is transitioning control of the condominium corporation to the owners. During this meeting, owners have the opportunity to elect the board of directors who will represent their interests and manage the affairs of the condominium.

The importance of the Turnover Meeting cannot be overstated, as it marks a shift in governance from the developer to the owners. It provides a platform for owners to actively engage in the decision-making process regarding the management and direction of their condominium, ensuring their voices and preferences shape future policies and operations.

In contrast, a Financial Audit is an assessment of the financial statements and records of the condominium, while a Technical Engineering Report provides insights about the physical state and necessary repairs or improvements to the property. The Occupancy Period refers to the time frame during which buyers are allowed to occupy their units after purchase. These terms are significant but do not pertain to the process of selecting the directors for the owners' board.