Sometimes condo associations hire management companies to take over the tasks involved in running an association like collecting monthly dues, managing the bank coordinating repairs, maintenance, construction projects and managing and storing all those condo documents.
Part of the sale process in selling a condo involves getting condo docs to the potential buyer. In the olden days not all that long ago sellers used to have to pay for these huge piles of paper that were given to the buyer. Today these documents are usually stored electronically and sent out via email which should save money and speed things up.
Some of these management companies charge what seems like a large sum $300-$500 dollars for the documents the owners need so that they can sell their unit. Some of the documents never change and just need to be stored and sent out. Other documents like rules and by laws may be updated periodically but not very often. Condo owners do not usually find out about these fees until they have to sell and have no choice but to pay them.
Usually the documents are needed quickly after an offer is received. The management companies charge an extra fee to expedite the order. Sellers should order the documents as soon as they know they are going to sell.
The resale certificate includes financials and other items that need to be updated monthly. I totally understand why there would be a charge to prepare such a document but since it is part of the management company’s job to keep the information up-to-date the charge should be small, like less than $100. It is in fact the job of the association to keep records.
Some of the management companies and condo associations are difficult to deal with to say the least. I know some of the people who are employees in one management companies because I have dealt with them so many times. I have learned how to go around the worst employees to avoid rudeness and possible delays in closings of the condos I sell. I have been known to go to their offices and wait when they won’t return phone calls or respond to email messages.
Managing an association is a lot of work but hiring a rude, slow and bureaucratic management company might not be the best solution.
Also see Read the rules
