Talk to me about the transition process

I have read an awful lot about this but remain amazingly unclear about the process. Our current situation is:

• 535 homes completed out of 656 planned, with 40 under active construction
• Currently about 8 homes a month are being completed.
• Unless we enter recession and the housing market slows down significantly, full build-out should occur within the next 18 months.
• Owners took over the Board of Directors in May, with zero members from the Developer
• Clubhouses and Pools are still owned by the developer, but he expects to transfer their ownership to us end of summer
• He pays all utilities associated with the clubhouses and pools, but we pay for the pool cleaning services
• All common areas are still owned by the developer, and it is unclear to me when that will be transferred to us
• He pays for all landscaping and maintenance of the common areas

I am told that when we enter the "transition process" we will need to hire an attorney and probably an engineer to review the plans on file with the town, to make sure the amenities are built to the plan, all grading is per the plan, all trees and shrubs have been planted, etc. But I am not sure when this "transition process" begins, and when we will need to hire our transition attorney and engineer. This will also involve some negotiations with the developer where we either ask him to remain involved until exceptions are resolved or to compensate us monetarily so we can complete those tasks ourselves.

I feel as if the developer will maintain control of the common areas until pretty much the very end, because he uses them to access lots they are building on, as concrete washout areas, etc. So I am also not clear as to when we will be responsible for maintenance of those common areas.

Also, at some point I am told the town will also get involved, also to confirm the developer has built everything according to the filed site plan.

Any and all information would be appreciated!

That is some of the very specific advise I had heard. And it makes sense. Is there a way to find out how much of a bond they have posted? It's the timing and benchmarks that I am most curious about.

Interesting you mention firing the PMC. I assume because they are beholden to the Developer? We have already urged the new board to do just that, and they seem to be open to it but are concerned about rushing into such a big decision so soon. We did manage to get them to assign a different regional manager to our account, because the one that has been here the last five years was a major problem. Hopefully the new guy will be better.