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How Does a Condo Board Replace the Management Company

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  • 02-12-2014, 09:50 AM
    patriciapp
    How Does a Condo Board Replace the Management Company
    My question involves a condominium located in the State of: Florida

    We are a newly formed Board (December, 2013). The developer of our condo signed a contract with a management company in October, 2013 for 14 months. The Board would like to have the management company removed and bring in a new company. Can we do so, or do we have to wait until the contract expires?

    I know that in Minnesota, if a Board does not like a developer chosen management company, they have the right to remove the management company without penalty. I am wondering if Florida is the same, or are we stuck with the management company, who is misusing our funds. Before you ask, it cannot be proven that the management company is misusing the funds as they are hiding it very well. Our only other recourse is to have them removed. Thank you.
  • 02-12-2014, 10:05 AM
    adjusterjack
    Re: Newly Formed Board
    As a newly formed board you need to consult an attorney as to rights and obligations in general.

    When you get one, ask him.

    My guess, however, is that you have to wait until the contract expires unless the management company is in breach and, even then, there are procedures you have to go through that will still likely require the services of an attorney.

    My suggestion: Get used to the idea of using an attorney (and a CPA) to get things done right.
  • 02-12-2014, 12:07 PM
    mihamih
    Re: Newly Formed Board
    Until you can replace them, read the contract and if the contract allows you to do so (likely it does), take away their check signing privileges. This way you can control every check. "They are hiding it very well." Maybe there is nothing to hide.... Maybe they just don't care about your money like 99.9% of management companies don't. We paid 80K for snow in 2008. This year same/higher amount of snow and only 30K. I don't think the management company hid anything. I just think there was no one to keep tab on the vendor. The vendor did back in 2008 what at least 80% of vendors would do....

    Another idea that you should be able to implement is to reduce the management company to your secretary. Then they won't be able to hide anything. You do all bidding. You'll likely get better quotes too because the vendors know that management companies don't care.

    The law is here:
    http://www.ccfj.net/condo718statutes.html

    I don't see anything. In addition check your declaration but likely you are stuck with them.
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