Owner rolls, association reserves, and books every owner can see, for resort and vessel residences.
Owner residence programs for resort condominiums and residential ships: the owner roll, the association's reserve, and books every owner can always see, with the developer, the association and the manager kept as separate organizations.
What's included
Programs that link the developer, the association and the manager as three separate organizations
An owner roll with each owner's share of their unit and the unit's percentage interest
The reserve held in the association's own trust account; withdrawals cite a passed board resolution
Owners always see the reserve, escrow and rental books for their program
An account for every owner on the roll, to sign in and read their books
About this module
A residence program has three parties, and Owner Residences keeps them apart on purpose. The developer builds and sells. The association belongs to the owners and holds the reserve. The manager runs the property for the association. Each is its own organization in Turtini, and a program links them. A link is confirmed only by an admin of the organization it names, so nobody can attach a program to an association they do not run.
The owner roll is the association's record. Each line names the unit, the owner, the owner's share of the unit and the unit's percentage interest from the declaration, with the date ownership began and how it was acquired. Co-owners of one unit can never be recorded as holding more than all of it. An ownership that ends stays on the roll as history. Every owner on the roll gets a Turtini account automatically, so they can sign in and read their books without being asked to create anything.
The reserve sits in the association's own trust account, never the developer's or the manager's. A withdrawal is recorded only against a board resolution that passed, and only while the account can be relied on: an account whose running balance disagrees with its own ledger refuses withdrawals until it is reconciled. A balance is described as current only when the account was reconciled recently; otherwise owners see when it was last confirmed.
Owners always see the books. The reserve, escrow and rental ledgers for their program are on their page whenever they sign in, and there is no setting that hides them from owners. Staff see exactly what owners see before an owner does.
Selling units before closing and pooled rental programs are not available yet. Both are regulated where the property is: a pre-sale can require a filing and deposits held by an independent escrow agent, and pooling rental income across owners can make a residence and its rental program a securities offering. Turtini says so plainly instead of offering a feature it cannot yet check. Turtini never holds escrow money and never promises owners a return.
What you can do with it
Keep the owner roll for a 140-unit resort condominium, with each unit's percentage interest from the declaration
Hold the reserve in the association's own account and record a roof replacement withdrawal against the board resolution that approved it
Give every owner a page with the reserve balance, when it was last reconciled, and every transfer in and out
Run several resort associations from one management company while each association keeps its own reserve
Get this module
Free for all Turtini organizations.
Who it's for
- Developers of resort condominiums and residential ships who hand off to an owners' association
- Owners' associations that want owners to see their own books
- Management companies that run residences on an association's behalf
Details
- Category
- Operations
- Pricing
- Free
- Built by
- Badge
- New