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.
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