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Can a person on a condo board own the property management company?
Wiki User
∙ 11y ago
This could have potential conflict of interest written all over it, couldn't it? On a legal standpoint, it may not be expressly forbidden for a board member to own the property management company - that's highly dependent on the specific bylaws of the condominium association and the laws within your jurisdiction.
However, given the potential for a perceived or actual conflict of interest, it's generally advisable not to have such arrangements. It may be interpreted as the board member potentially benefiting unfairly from the association fees paid by other unit owners.
To maintain trust and transparency, board members and property management companies should typically maintain independent interests. This is a principle we at Daisy keep at the forefront of our service, ensuring that our relationship with our board members is centered solely on providing excellent property management service, and nothing else.
Kelvine Ferrer (Kell...
Wiki User
∙ 11y ago
It is apparently at least a conflict of interest if the board member owns the association management company hired by the condominium association to manage the condominium community.
Review your governing documents that might address a board member's conflict of interest in such matters. You may find an answer there.
Contact an attorney to discover whether or not this conflict of interest presents a legal issue in your location.
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Can you sue your condominium management company for not taking care of the property?
The management company has been hired and contracted to work for the association by the board. If the board believes that the management company has been contracted to 'take care' of the property, and has failed to do so, the board may take action against the vendor. The board can also cancel the vendor's contract and refuse to give the company a good recommendation to other associations in the area. However, key here is that it is the board's responsibility to 'take care' of the property, and that they have chosen to vendor out the tasks does not remove the responsibility from the board. You may want to take action against the board by removing them and voting in board members who can 'take care' of the property.
Would it be a conflict of interest if a board member works for the property management company?
Yes, it would generally be considered a conflict of interest if a board member works for the property management company. This is because their role as a board member should be independent and focused on representing the best interests of the community or organization they serve, rather than prioritizing the interests of their employer. Board members should avoid situations where their personal or professional interests may influence their decision-making on matters related to the property management company.
What is the difference between board of directors and management board?
The management board controls and monitors the company's management and performance. The management and performance goals have been set by the board of directors.
How to Deal with a Property Management Company?
If you live in a condo or town home, most likely there is a property management company that has been hired. You pay condo fees, also known as home owner association fees. A part of that fee goes toward paying the property management company.When a condo or town home is still in the early stages of development, the builder runs the place. A builder may offer good deals on association fees to get people in. Once the property has a certain percentage of owners, a board and a property management company will be put in place.Once a Board is elected, the property management company is hired. Since board members have regular full time jobs of their own, it is the management company that oversees the property. They normally work 9 to 5 and have a small office somewhere onsite.If a home owner has a problem, such as a neighbor with a loud dog, the home owner needs to approach the property management company employee and talk to that person about what their options are. One thing that upset home owners frequently do is they run into the management office and scream and yell. That type of action will not get you anywhere. You need to talk calmly and rationally. Explain your problem and give details of the situation, the person’s unit number and name. It is up to the property manager to follow the association’s rules and regulations to try and remedy the problem for you.Let the property manager do his or her job. That is why that company was hired, to handle problems when home owners or their renters break the rules. The property manger will keep you informed of the situation.If you see something wrong, for instance if the grass was not mowed in your section of the property, calmly point that out and the property manager will take care of it. Remember, they don’t cut the grass, so if the maintenance crew is not due for a few days; the grass won’t be cut until then.A smile and a thank you can make the day for a property management company’s employee.
How do condo owners fight the management company?
Depending on your governing documents, usually, the responsibility for preserving, maintaining and protecting the communally owned assets belongs to the board of directors.The board of directors -- or the developer if the condominium development is relative new -- signed a contract with the management company.At the board's discretion, it can fire the management company by cancelling the contract.If owners have disagreements with the management company, the owners can refer to specific sections of the governing documents to show where the management company is not conforming to the appropriate governance guidelines.If the management company chooses to ignore the governing documents, then owners can send a formal complaint to the board of directors, documenting the potential breach of contract based on this non-conformance.The service agreement, however, is between the board of directors on behalf of owners, and the management company.
A subcontracting landscaper damaged my car in the course of his work I am a renter in a condominium Who do I approach to cover my losses the subcontractor directly Property Management or Landlord?
These are the players: The Board, the Property Manager, the Vendor (landscape-subcontractor), the Unit Owner (landlord) and You. The association's board would prefer to deal with the landlord. The vendor (subcontractor) has an agreement with the board via the management company. Develop your case for damage -- descriptions, photos, and so forth, and present it to your landlord with a copy to the property manager. Volunteer to work directly with the property manager to affect payment for damage repair once your landlord has presented your case to the board.
How do you remove condominium property management company?
Condominium associations are governed by: (1) State Law, (2) the documents creating the condominium, usually the Declaration of Condominium, and (3) the Bylaws of the Condominium Association.Often, a condominium association will hire a property management company to manage the day-to-day operations such as collecting assessments, paying routine bills, handling calls from unit owners, etc. The property management company will usually enter into a contract that outlines the duties and obligations of each party. That contract should contain terms including the length of the contract and methods of ending the contract early.As with any contract, there are other remedies based in contract law. For example, if the management company is not living up to their obligations in the contract, they may have "materially breached" the contract in a way that would allow the the association to terminate the contract due to that breach.Usually, a property management company will agree to terminate a contract where the arrangement is not working out. Of course, it is the association, not the property owners, who makes the decision to enter into a contract or what steps should be taken in the course of business.The Bylaws of the Association usually outline the structure of the governing body. This is usually a Board of Directors with several officers. The number of board members and how they are elected will be established by the bylaws. Often, the board will elect or appoint officers of the association such as a President, Vice President, Secretary, and Treasurer.It will usually be up to the Board to make decisions regarding the hiring and firing of a property management. However, it is not unusual for a board to delegate such powers to the President of the Association.
Is it illegal for a property management company of a condominium complex to withhold an agreement from FHA unless they receive a confidentiality agreement from the mortgage company?
The association's board is in charge of sharing association details with the FHA. This is their decision to make, not a decision to be made by the vendor.
Can a condo maintenance company be fired by the owners?
Read your governing documents and determine under which provision your condominium is being foreclosed.It isn't the maintenance company doing the foreclosing, it's the association's board of directors, perhaps through the maintenance or management company.A condominium unit can be foreclosed upon by the association for non-payment of assessments, which owners are legally bound to pay.
Can your company censor your union Bulletin Board?
If the board is on the employer's site, then yes. The company can control any postings on any area of their property. No, Not true. Company is required to provide a union board on company premises and cannot add or delete from said board under NLRB rules....
Is executive director higher than VP?
The answer is Yes. Based on British commercial law, an executive director is a person who is employed by a corporation and at the same time is tasked to sit in the company's board of director representing the senior management in company usually to explain about the performance of a company. An executive director is usually a person with a senior ranking in the organization like the CEO, COO, and CFO of the company. A VP is usually sits in a middle management of a company.
What is hostile takeover?
A takeover which goes against the wishes of the target company's management and board of directors.
