What process involves the transfer of management from the developer to the owners' board?

The turnover process is crucial in the lifecycle of a condominium. During this phase, the management responsibilities shift from the developer to the elected owners' board. This transition typically occurs after the condominium is completed and the ownership has officially been transferred to the unit owners.

The turnover process involves several key steps, beginning with the developer providing all relevant documents, financial records, and information regarding the operation and maintenance of the condominium. This is a significant moment for the owners as they take an active role in the management of their property, ensuring that it aligns with their interests and preferences rather than solely the developer’s.

Other options, such as a financial audit, may occur during or after the turnover process, serving to review the financial accounts and ensure transparency, but they do not represent the transfer of management itself. Similarly, a technical engineering report assesses the physical state of the condominium but is also not directly involved in the management transfer. Lastly, while a turnover meeting is often part of the overall process where the developer and owners discuss the transition, it is not the overarching term that describes the entire transfer of management. The turnover process encapsulates the full scope of this significant change in governance.