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Your state's laws or your advancement's governing files might include pertinent insurance (again, review your governing files and inspect with an attorney to determine the appropriate requirements). Obtain a copy of the company's insurance certificate, and talk to your HOA's insurance representative to figure out if the business's protection is adequate.

Talk to referrals and other recognized clients of the business. Talk with members of the community, and the board members of other HOAs the company works for. Evaluate whether the management business's design is a great suitable for your HOA and the jobs you desire done. Evaluation the Management Agreement Carefully After choosing the very best manager for your HOA, it's time to negotiate a management agreement.

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But do not just sign what's supplied.  Check it Out , paying unique attention to crucial arrangements such as the term, cancellation rights, and charges. Usually property management agreements have a term of one to 3 years. It's frequently in the HOA's interest to negotiate a shorter term. Try to get an one-year contract, with the option to restore after each year.

Make sure the HOA has the alternative to terminate the contract with a minimal quantity of notification (one month prevails). Also make sure that the termination right of the management business supplies enough advance notification to permit the board to hire a replacement business (ideally not much shorter than 60 days).

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Check this list carefullysometimes "incidental charges" can amount to big money. For example, in addition to its monthly charge, a supervisor might add on charges for things such as going to HOA meetings, fuel surcharges, or postage. Finally, run the agreement by your HOA's lawyer (or if your HOA does not have one, discover a knowledgeable lawyer in your location to review the agreement) prior to finalizing.

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The Board Is Ultimately Accountable for HOA Responsibilities Do not think that employing a residential or commercial property manager suggests the HOA board is off the hook. The board is still liable to satisfy all its responsibilities under the governing files. Board members owe a fiduciary duty to the HOA, which suggests they are accountable for the well-being of the HOA and must act in its best interest.