Funding at turnover

Our community is 94% sold. The builder currently has a management company doing the financial control for the property. The current home owners pay the monthly fees directly to the management firm even though the builder has not turned over the control of our association and has indicated it would not before all property is sold. I have been unable to determine if we have any reserve funding for future repairs. This is a concern because the common areas including a clubhouse and pool are almost 4 years old and at least the clubhouse is already requiring some minor repairs. Are either the management company or builder responsible to have established a reserve fund? Do we have a right to have the common areas inspected for defects and require they be repaired by the builder before turnover? The property is in Illinois.

I am going through the same thing along with other problems, Our developer asked for an election for a turnover......I among 3 others were elected...we met with the developer and made a list of items we wanted done and also were concerned about a reserve, meanwhile a septic system became an issue and we want the developer to be responsible as it was not put in properly...

Meanwhile he found himself in a legal mess as he allowed a cottage to put an addition on and he is stuck with legal bills and wants us to be responsible for that ......We do not think we are responsible .

Also We had a reserve and than the reserve was gone....we have developers units which did not pay condo fees and when asked he said, he spent more than that for association expense but when confronted, no records.

We just want a turnover with all the work we expected to be done, like new roofs ect....We do not want to get into attorneys fees as we are small and do not have that kind of money.

We are taking advice from this board and others to work with the developer as court costs and attorney fees will be so expensive, and there are no winners...

Sometimes "your first loss is your least loss" We just want our place turned over as the books are a nightmare and not very good records.

But I understand in Mass you have to have a reserve.....

Our meeting should be intersting at least it will have the owners on the same page.....We are a Resort Condominumn so it is hard to get everyone together.