What is a "turnover meeting?"

When 51 percent or more of the units of a new condominium are sold, unit owners take over responsibility of the condominiums from the declarant (developer) during the turnover meeting, during which a new board of directors is elected and the declarant provides the new board with a variety of documentation, including:

corporation seal and copies of declaration and by-laws;

any and all agreements entered into by the corporation;

all architectural, structural and survey plans;

warranties and guarantees for any equipment;

details of units sold, rented or remaining unsold;

and, financial statements and the reserve fund study.