08
Jan
2018

The Perfect Fit

Habitat magazine

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When hiring a new management company, there is a typical process that most boards follow. They research, they invite companies for interviews, they check references, and then they make their final choice. When hiring a new management company, there is a typical process that most boards follow. They research, they invite companies for interviews, they check references, and then they make their final choice. This is a story about what happens after that: the polishing and refinement of the management contract to meet a board’s specific needs.

The Devil Is in the Details

There are similarities among contracts but also a number of differences, and the true test is in the details. “A lot of times, [contracts are] not really discussed in great detail when you go on an interview or in a proposal,” says Steven W. Birbach, president and CEO of Vanderbilt Property Management.

Those details – such as when the manager will be at the building, or how much the property pays for specific tasks above and beyond the management fee – must be hammered out by the board attorney and the management attorney before the contract is signed. 

“Your managing agent is going to be doing many, many things for the board, and you want to make sure the relationship is clearly defined,” says attorney Deborah B. Koplovitz, a shareholder at Anderson Kill.

To read the full article:  The Perfect Fit

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- Cooperative and Condominium Law Attorney | Anderson Kill P.C.
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