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Can a homeowner in a condominium association be the paid property manager?
Wiki User
∙ 13y ago
Overall, this is probably not a good idea.
Read your governing documents to determine whether or not this practice is allowed. (It is generally forbidden if the owner is also a board member.)
Next, think through the process and determine whether or not the homeowner will be able to survive the differences of opinion that will arise in the course of performing these duties.
(To the homeowner: Remember, you live with these people.)
The role of a knowledgeable property manager includes not only following the governing documents for the community, but following the state law that governs condominiums. This position is a heavy-weight, professional role.
A property manager can advise the board about matters and processes based on local experience, which is critical to a board in three basic areas:
- Business and finance
- Governance
- Community
A homeowner without the requisite expertise and experience may also face personal liability if matters become contentious.
In the link, below, you can read more about the role of a property manager and how to choose one.
Wiki User
∙ 13y ago
Wiki User
∙ 7y agoSimple answer to question: Yes, it is not uncommon for a condominium to have a resident manager.
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How do you remove condominium property management?
Any manager for a condominium association is a vendor, usually under a contract. Read the contract to find the termination clauses.
How do you contact Condominium Associations directly?
A condominium association is the business entity involved in condominium ownership. The condominium association is usually a non-profit corporation, and is listed with the Secretary of State in the state where the condominium community is located.The Secretary of State's records are usually public records.As well, residents and owners of a condominium community should know who sits on the association's board of directors, and their contact details.You can also contact a condominium association through its property manager.
Can a resident in a homeowner's association be the paid Property Manager?
The situation you describe does present a conflict of interest. Best practices dictate that this be resolved either with the engagement of a new association management firm, or the sale and move out by the currently engaged property manager.
How do you get condominium certificate of insurance?
You should be able to obtain a copy of the association's certificate of insurance from a board member or the property manager. The certificate is issued by the company that carries the association's master insurance policy. The copy you want may be a document that your lender requires.
Can a property manager rent a condo unit knowingly that it is in foreclosure?
Renting a condominium unit is the privilege of the owner. If the association manager has written authorization from the titled owner, then rental of the unit is legal. When there is doubt about the legality of executing a rental agreement, thus renting a unit and/or producing/ capturing/ being involved in that rental revenue stream, consult with your association counsel.
What rules govern homeowner associations in New Jersey?
New Jersey, like most other states, has a state condominium law. Developers commission a set of governing documents for every association, which are unique to that association.When you purchased your home, you received a copy of these governing documents, usually CC&Rs and By-Laws (covenants, conditions, restrictions and reservations). These are your core 'rules'. Alternatively, you can also ask your property manager or any board member for copies of up-to-date governing documents, which you can expect to pay for.On a higher level homeowner's associations are subject to statutory law in every state. Some states have separate statutes, in addition to condominium law, that govern HOAs since they affect all types of common interest property including condominiums, cooperatives, planned communities, mobile home parks and time shares. All have homeowner's associations in common. See related link for the New Jersey Common Interest Real Property Act and scroll to section 301.
How do you get answers to questions regarding condo laws in Fl?
Your answer depends on the questions that you ask. General state and local regulations can be answered by your local chapter of Community Associations Institute, below. Questions you have about a condominium where you reside or own property are available in your governing documents, from board members or from your association manager.
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.
What is need to be a property manager of an association?
Condominium, co-op and home owner association property managers can be responsible for as much or as little as the association board pays the property manager for. In order to qualify to play the role of a property manager, it's a good idea to become familiar with your state's legal requirements of board duties. For example, in Washington State, a board's duties include "...to protect, to maintain and to preserve..." the association's real estate assets. A full set of governing documents is used to operate every association, and each set is different from every other set. As well, each geography presents different challenges to anyone managing association properties, depending on how common associations are in that geography. In sum, it's a good idea to look around the geography where you want to perform these services, and determine which qualifications, education and performance standards are required there. You can read more, below. NB: This link is for informational purposes, with no endorsement by this answering volunteer or by WikiAnswers.
Where do you get a Condominium Declaration?
If you are developing a condominium project, you hire an association-savvy attorney who crafts the governing documents, based on state law that governs condominiums. When you purchase a condominium, by law you are entitled to copies of all your governing documents. (In Washington State, these documents are packaged in the Resale Certificate.) If you own a condominium, and your copies are lost, your association manager can provide you with copies, which you pay for. If you are interested in buying a condominium, again, you can purchase copies of the governing documents, most of which are public record.
Do condominium owners have to have insurance in accordance with the Illinois condominium property act?
If the Illinois Condominium Property Act says that you **shall** have insurance -- not **may** -- and lays out specific terms and conditions, you are strongly urged to obey the law. In the case of a disaster, without insurance you may be doubly charged: once by the cost of recovering from the uninsured disaster and the second time by the law which may penalize you for not carrying insurance. Your property manager or member of your board will be able to answer your question specifically.
Do you have to give your condominium a set of keys?
Generally, it's a good idea to have a set of keys for a condominium, so you can unlock the door.As well, your governing documents may also require that you store a spare set of keys with the property manager, so that in case of an emergency, your condominium unit can be accessed without breaking down the door.
