If you`re part of a condo association, you know how important it is to have a clear and effective management agreement. This agreement outlines the responsibilities of the condo association and the property management company, so everyone is on the same page and working towards the same goals.
The management agreement is a legally binding contract between the condo association and the management company. It typically includes details such as the scope of services, fees and payment terms, and termination clauses. Here are some key points to consider when drafting or reviewing a condo association management agreement:
Scope of Services
A condo association management agreement should clearly define the scope of services provided by the management company. This might include tasks such as maintenance and repairs, financial management, and vendor management. It`s important to make sure that all of the necessary services are included in the agreement, and that there are no ambiguities or gaps in coverage.
Fees and Payment Terms
The management agreement should also specify the fees and payment terms for the management company`s services. This might include a flat monthly fee, a percentage of the association`s budget, or a fee for specific services. It`s important to be clear about the fees and payment terms upfront so there are no surprises later on.
Termination Clauses
In case either party wishes to terminate the agreement, there should be clear termination clauses outlined in the agreement. This might include notice periods, reasons for termination, and any fees or penalties associated with termination. Having these clauses in place can help protect both the association and the management company in the event of a dispute or disagreement.
By having a clear and effective management agreement in place, condo associations can ensure that they are receiving the services they need from their property management company. It`s important to work with an experienced attorney or copy editor to ensure that your agreement is legally binding and meets all of your needs as a condo association. With the right agreement in place, you can focus on enjoying your community and ensuring that your property is well-maintained and managed.
