GA HB748

Requires declarants, developers, or establishing entities to create a two-year operating and expense budget for construction and maintenance of community amenities, verified by a licensed real estate appraiser, with a fully funded reserve account for items exceeding $10,000 managed by an independent CPA and held in trust until turnover and transition.

Mandates developers post a performance bond at 125% of amenity construction costs and a maintenance bond for at least 24 months with the local governing authority before conveying the first property; the performance bond is forfeited if amenities are not complete and fully operational within two years of inception.

Establishes detailed turnover and transition requirements, including delivery of all governing documents, audited financial records, plans, warranties, contracts, insurance policies, and a professional inspection report to the community association within 90 days, all at the developer's expense.

Grants non-developer members the right to elect at least one board director once 50% of parcels are conveyed and a board majority once 90% of parcels are conveyed or upon triggering events such as developer bankruptcy, foreclosure, abandonment (rebuttably presumed after two years of unpaid assessments), or appointment of a receiver.

Creates a civil cause of action in superior court for community associations to enforce violations, with penalties of $500 to $5,000 per violation plus recovery of litigation costs and attorney's fees; effective January 1, 2019, applying to all property on plats first filed on or after that date.