HOAleader.com - Tip of the Week - May 15, 2009
Published: Fri, 05/15/09
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HOA Governance:
The Most Common Complaint About HOA Manaagement Companies
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This week's tip comes from our brand-new special report:
50 HOA Management Tips:
Tips and Best Practices for Homeowners Association Boards
http://www.hoaleader.com/members/271.cfm
Members (and trial members) can download the report for free now.
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Make sure you don't wing it with your management company.
Instead, have a written contract that spells out which services
your management company will and won't provide, how often it
will provide the services, and the fees the company will charge.
"The most common complaint I get is about the management
company's failure to provide accurate and timely financial
reports," Michael S. Hunter, an attorney and partner at
Horack Talley in Charlotte, N.C. To prevent this headache, state
in the contract that your condo or homeowners association needs
accurate financial reports by specific dates--such as the
10th of every month--and that the failure to meet that
requirement will be considered a material breach of the contract.
Also make sure you carefully review the termination provision.
"If the association isn't happy with the services provided,
make sure you can quickly and inexpensively terminate the
contract," Michael advises. "In some cases, the management
company will insist on an early termination fee during the first
12 months usually totaling one to three months of its fee."
Best regards,
Matt Humphrey
President
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Recent articles posted at HOAleader.com:
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Protect Your HOA: Take Over for Delinquent Owners
Protect your condo or homeowners association before owners
become delinquent on assessments. If you allow rentals, require
that owners who rent their property but are delinquent in
association fees or assessments allow the association to step in
and demand that the tenant pay rent directly to the association.
Click here to read full article:
< http://www.hoaleader.com/public/278.cfm >
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HOA Reserve Funds: The Pros and Cons of Underfunding Reserves
Some boards stop funding--or underfund--their homeowners
association reserves as a way to easy the burden on homeowners
during difficult economic times. Is this a smart move for your
HOA?
Click here to read full article:
< http://www.hoaleader.com/public/259.cfm >
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Texas to Prohibit HOA Foreclosures?
A proposed constitutional amendment would prohibit Texas
homeowners associations from foreclosing on homeowners for
nonpayment of dues and other fees.
Click here to read full article:
< http://www.hoaleader.com/members/277.cfm >
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Condo Security: Florida City May Force Condo Associations to Hire
Security
Florida cities have the authority to force condo associations and
apartment complexes to hire security guards, according to a
February opinion issued by Florida Attorney General Bill McCollum.
Click here to read full article:
< http://www.hoaleader.com/members/276.cfm >
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Mediation: City Program Will Train Volunteer Mediators To Address
Neighbors' Disputes
A new mediation program in Scottsdale, Ariz., will train
volunteer mediators to help resolve neighbor-to-neighbor disputes.
Click here to read full article:
< http://www.hoaleader.com/members/275.cfm >
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