When must the first meeting of a condo association occur after first conveyance and its requirement?

When must the first meeting of a condo association occur after first conveyance and its requirement?

• A. Within 90 days if 40% is sold
• B. Within 180 days if 40% is sold
• C. Within 365 days regardless of sales
• D. If requested by 50% of owners

Answer: (B)

The requirement for the first meeting of a condo association to occur within 180 days after the first conveyance, provided that 40% of the units have been sold, is based on standard practices for establishing governance within a condominium. This timeframe ensures that a sufficient number of unit owners are present to participate in the decision-making process, fostering a sense of community and allowing for effective management of the condo affairs. This provision encourages the developer to maintain active involvement in the management of the condominium until a substantial number of units are sold and the owners can take charge. If the percentage of units sold is not met, the need for a meeting might not be as pressing, as there may not be enough owners to constitute a meaningful governance body. The other options suggest different timeframes and thresholds that do not align with the legal standards typically set for condo associations. Specifically, occurring within 90 days or 365 days does not reflect the requirement as specified, and the option regarding a meeting solely based on owner requests does not account for the threshold of 40% sales needed for the organized governance structure to be relevant. Thus, the correct choice reflects a balanced approach to establishing the association's leadership when a significant portion of the properties have been sold.

The requirement for the first meeting of a condo association to occur within 180 days after the first conveyance, provided that 40% of the units have been sold, is based on standard practices for establishing governance within a condominium. This timeframe ensures that a sufficient number of unit owners are present to participate in the decision-making process, fostering a sense of community and allowing for effective management of the condo affairs.

This provision encourages the developer to maintain active involvement in the management of the condominium until a substantial number of units are sold and the owners can take charge. If the percentage of units sold is not met, the need for a meeting might not be as pressing, as there may not be enough owners to constitute a meaningful governance body.

The other options suggest different timeframes and thresholds that do not align with the legal standards typically set for condo associations. Specifically, occurring within 90 days or 365 days does not reflect the requirement as specified, and the option regarding a meeting solely based on owner requests does not account for the threshold of 40% sales needed for the organized governance structure to be relevant. Thus, the correct choice reflects a balanced approach to establishing the association's leadership when a significant portion of the properties have been sold.