JohnB83 (South Carolina)
Posts: 2
Posts: 2
Posted:
Good Day All, I'm need of advice as to a recently occurred event in our Community. I live in a fairly large developer owned community (one of the largest home builders in nation) and the development has come to a close after 10 years. The developer has maintained ownership of all sub-associations (x5) and the master association, and utilizes a major property management company to oversee the community. While being on the Transition Team to assist in a timely and professional turnover from developer to homeowner control, it has recently been announced the agreed upon transition time to review, collect and vet all community documentation (financials, reserve studies, sales data, vendor contracts, etc...) has been reduced from 1 year to currently just a couple of months. Numerous discrepancies have arose as to possibility of co-mingling of association funds, inadequately funded reserves, non-completed major components (irrigation systems) and other areas. numerous requests have been made for records and needed documents for the transition with little to no action so far. Does South Carolina fall under a binding HOA Law or State endorsed regulations to guide and enforce HOA Association matters? I believe we all here can see the writing on the wall with the unexpected early departure of the developer. Any advice as to slow the transition down until we have a chance to see all the financials and needed documents? Any help or advice on this matter would be greatly appreciated. Thank you.