I just purchased a lot and completed the build of a new home in southern Maine. Going into the build, we understood that the Developer family that created the subdivision had a certain number of lots that still needed to be sold before the governance of the Homeowners Association was transitioned from the developer to residents in the HOA.
We just hit the number and the developer quickly transitioned the governance in the past few days.
Our HOA basically consists of a approximately half mile of private, paved road and associated covenants and restrictions around building and maintain our properties with the HOA. The Declaration of Covenant and Restrictions is dated from 2006 and was filed with the county registry of deeds. The bylaws appear to be more recent, 2020. Neither document make reference to any Maine State Statues that were considered or followed with regard to the HOA.
Can you direct me to what Maine Statues I should be looking to if any?
My past dealings have been more around Statutory Road Associations, so I have some familiarity with them. the HOA situation is a new game for me.
Also, any thoughts or feedback about due diligence the homeowners should consider as the transition of the governance of the HOA from the developer to the homeowners takes place? Thanks