FAQ: Condo/HOA Board

To assign a professional manager to oversee and maintain the board in managing the association.

Typically the agreement is a two-year term, with options to renew annually.

The manager handles budgeting, financial management, property maintenance, and operational oversight.

Financial updates are provided monthly.

The manager can authorize necessary emergency repairs to prevent further damage or loss to the property. However, in most cases emergency maintenance repairs are the responsibility of the Homeowner.

Yes, significant changes or expenditures beyond the agreed budget require board approval.

There's a flat monthly management fee for administrative services.

These are outlined separately in the agreement, depending on the project scope.

Yes, they'll attend annual meetings, with additional availability subject to availability.

The manager with board approval coordinates insurance claims for the project management fee.

Any such expenses over a certain threshold require prior approval from the board, except in emergencies.

Funds are deposited in insured bank accounts under the association's name, with expenses paid from these accounts as needed

The manager drafts a proposed budget for the upcoming year, which is then reviewed and approved by the board.

The agreement can be terminated by either party with written notice, subject to outlined conditions and potential fees.

A designated board member, often the president, acts as the main liaison with the manager for efficient communication.