The developer is turning the condo association over to the owners. As an owner, what should i look out?

I would like to make sure that as an owner, i'm protected as the developer has not maintained the association since we purchased it Dec. of 2006. I am based in Chicago, IL.





What is an As-Built plan? Should it include eletrical and plumbing? I was told that the condo board should have all documentation, receipts and plans (including revisions).





What should we look out for so that our rights and interests are protected. Should we hire a lawyer? Some of the items which the developer promised to finish from when we closed have yet to be done.

The developer is turning the condo association over to the owners. As an owner, what should i look out?
The As-built plans are blueprints that show you everything, from where the electric and plumbing lines are, to the architectural details. These are very important to have, so that if you, for example, had a plumbing back-up, you would know where it was coming from. Or, if the fire alarm system malfunctioned, you would know where the alarm lines were (so you wouldn't have to dig up the entire project).





You should get everything from the developer, especially a list of everything that was done and all warranties, an inventory of everything, a reserve study (so you'll know how much to put away in the future), all the original governing documents, a list of all owners and mortgage holders, and much more. You will need all paid invoices.





Make sure an audit is done, so you will have a base line from which to have other audits done. If you don't have an audit, and the developer doesn't give you the paid invoices, you will never be able to get an audit done because you won't have good numbers to start out with.





I would definately hire an attorney - but pay the money for a general counsel attorney. Don't get a construction defect attorney. They will do all kinds of services for free, because they plan on suing the developer and making tons of (your) money. Just pay the money up front...





The attorney will help you compile a list of everything you need, and can intervene with things that need to be finished.
Reply:Since there are items left undone by the developer, the new homeowners association should hire a lawyer to ensure that all the things that were promised are completed. This lawyer will represent the owners.





The biggest problem you may face is legal loopholes and technicalities in the changeover - you need to make sure that you have future recourse if you need repairs or discover more that the developer didn't complete down the road.





As built usually refers to the completed state of the property when it is handed over to the owner. This means that you accept the property and understand that it may not match the original blueprints, specs, or plans for the structure.
Reply:yes, i would at least speak to a lawyer, especially since you mentioned that there is work that is left to be finished. The lawyer will also be able to make sure that you have gotten ALL of the proper paper work from the Condo Association.





Have you talked to other owners in your area to see if they are undergoing the same problems as you. If they are they will be able to offer advice and important input on what they are going through.





Hope this helps and good luck!