I have heard of delinquent owners not paying their condo fees, but I was wondering how consumers protected when condo property managers are "delinquent"? I realize that the condo boards are supposed to represent owners and voice concerns, but just like any organization the minority shareholder has little weight. In addition, conflict of interest is less visible between board and management organizations. Since property managers handle the maintenance of the building, they can at times become the "bottleneck" in timely repairs or even exhaust reserve funds. If I want to stop becoming a shareholder of a company, I can simply sell my stocks and reinvest. But it is very different situation when it is your home. Are there auditors or third-party organizations that can ensure that responsible spending?
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