What information does a developer/original trustee have to provide to new trustees once the final unit is sold (e.g. financial statements, payment of condo fees, budgets)?
Developers always keep control of the condo association until they sell off all or most of the units by being the Original Trustee. The Original Trustee then gives up control and new trustees take over, depending on how the trust documents set up the election of the new trustees. The new trustees are entitled to receive all the financial records from the Original Trustee, including budgets, list of expenses, records of payment of the condo fees by unit owners, etc. from the date of conversion to condos. Unless the condo docs require it, there is no obligation to provide audited financial statements. So you should be able to learn how much money was collected from unit owners (so that you could go after unit owners who are behind in their payments) and what the money was spent on. Finally, one note – the Original Trustee, that is, the developer is responsible to pay condo fees for all units the developer owned from the date of conversion (the filing of the Master Deed) to the date of sa
