Turnovers & Takeovers

Harold Cipin

In the lifecycle of a condominium corporation two major events are encountered: The first is the Turnover from the declarant board to the owner-elected board of directors of the corporation. This is in accordance with Sections 42 and 43 of the Condo­minium Act. The second major event that many corporations may become involved with is the Takeover from an incumbent management company to another management company. In order to enhance the overall success of either a Turnover or a Takeover, the following tips may become extremely useful during either process.