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Community Association Management, a leading Charlotte, NC-based property management company, today announced the Acquisition of SonShine Management Systems, which has served some of South Carolina’s most prestigious condominiums,...
By Derek Greene[/caption]
As Board Members you have more than likely heard the term fiduciary duty more than you care to remember. However, fiduciary duty is of the utmost importance, especially as a Board Member. As a fiduciary your obligation to the association is...
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We have many homeowners who think that because they pay assessments every month they should not have to pay for a resale package. They are of the opinion that it is a bunch of pages all put together that just sits and waits for us to “push the button” when they place their order.
I would like to clarify why it is essential that management companies prepare these documents individually for each owner. First, it is a legal document required by law in many states as it protects the buyer from purchasing into a community association without first obtaining “full disclosure”. It contains a disclosure statement that includes the legal or pending legal status of litigation involving the association. It contains up-to-the-minute information about the assessments owed, outstanding special assessments and even pending assessments as required in many states. It provides the association’s financial status and any outstanding loans owed by the association. It also provides any covenants restrictions or violations on the unit. All of these questions are answered and are entered in real time by a staff member when the order is placed. The document is not static; it requires keen oversight as the questions are researched and completed.