“Transition” is the due diligence process required by the board members’ fiduciary duty. In sum, the homeowner-elected board members must determine if the sponsor did what it was supposed to do and, if not, take action to get the deficiencies corrected. Upon assuming board control homeowner-elected board members must:
1) evaluate the association’s physical and financial condition;
2) communicate the findings to the members and the sponsor;
3) negotiate for repairs, money or a combination of repairs and money.