What must be transferred to owners by the declarant?

The declarant is responsible for transferring certain important documents and assets to the owners of a Common Interest Community (CIC) to ensure transparency and the proper management of the community. In this context, an audit, a reserve study, and the reserve account each play a critical role in the governance and financial health of the community.

An audit provides owners with a snapshot of the financial practices of the community, ensuring accountability in how funds have been handled. A reserve study is essential for planning and budgeting for future repairs and maintenance, helping to ensure that the community remains well-kept and financially secure. The reserve account itself is crucial because it holds funds specifically earmarked for future maintenance and improvements, thus directly impacting the community's long-term financial stability.

Transferring all of these elements — the audit, the reserve study, and the reserve account — to owners is integral to empowering them with the necessary information and resources to effectively manage their community. This practice promotes transparency and reinforces the financial integrity of the community, thereby ensuring that owners understand both the current state and future needs of the CIC. Therefore, it is essential that all of these components are included in what must be transferred by the declarant to the owners, making the choice that includes all of the aforementioned