FLORIDA LAW REGARDING TRANSITION OF HOA FROM THE DEVELOPER

Section 720.307 - Transition of Association Control in a Community This Section was

amended to require that within ninety (90) days of the turnover of an association from the

developer to the homeowners, the developer must provide the association with audited financial

statements. Specifically, the financial records of the association and source documents from the

date of incorporation through the turnover date must be audited by an independent CPA and

delivered to the homeowners as part of the turnover documents. The cost of the audit, along with

all other turnover documentation, is borne by the developer. This requirement does NOT apply to

associations with a date of incorporation prior to December 31, 2007.

 

Here Is Complete 2007 Florida HOA Law Changes