Expert Witness Blog
In New or Existing Building Turnover to Condo Ownership, architecture expert witness David E. Chase writes that no matter how many units are involved, a future condominium association should consider both the physical and financial status of any new or existing complex before Turnover to assume full ownership.
Finally, the Report should identify any deviation from the “permitted” plans and specifications with the appropriate documentation including dated photographic files and a code check template. Also if there are corrective items, a dollar figure for corrective action, item by item, must be required in order that the association and developer can discuss the realities of reaching consensus to achieve Turnover objectives.
Second, assuming that either a new condo project will have building component deficiencies or say a 15 year old rental apartment complex will most likely have some construction deterioration requiring repair and/or replacement due to past continued use, the developer must decide what to “fix”. Parking areas, landscaping areas, living units and common areas may need refreshing together with plumbing, air-conditioning and electrical system improvements and code updates.
Each State will have statutes and regulations to guide the financial reserve requirements for new or converted building condos. For example, Florida Statutes 718 , The “Condominium Act”, directs any new condo conversion process for the creation, sale and operation of all new and/or converted condominium projects. Prior to the developer’s filing of a “Declaration of Condominium”, an Architect or Engineer must be retained for the certification of a Disclosure of Condition. The purpose is essentially to establish a public document to enable potential buyers to rely on the general physical status of the building complex in question.