Which process involves officially transferring management responsibilities after a project is completed?

The correct choice, the turnover process, refers to the formal transition of management responsibilities from the developer or builder to the condominium board or property management team once a project has been completed. This process ensures that all aspects of the condominium, including financial accounts, legal documents, and operational responsibilities, are properly handed over to the entity that will manage the property moving forward.

The turnover process typically includes reviewing the project for compliance with contracts, ensuring the completion of construction work, and delivering important materials such as maintenance manuals and warranties. It marks a crucial point in a condominium’s lifecycle, as it signifies that the building is now under the oversight of the newly formed condominium corporation and that the previous owners or developers will no longer hold primary responsibility.

Other options, while important in their own right, do not focus specifically on the transfer of management responsibilities. The occupancy period pertains to the time after residents have begun to move into the condominium but does not encompass the formalities of management handover. A financial audit is the assessment of financial records to ensure accuracy and compliance—an important aspect of governance but not directly about transferring management. The technical engineering report evaluates the structural and operational systems of the building but again does not address the change in management responsibilities. Thus, the turnover process