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By CondoAssociation.com • December 23, 2017

New HOA's first move - terminate property management contract

Our HOA has just been turned over to the community from the builder. The association was controlled by a third party management company. We currently have 60 homes in the association with another 30 being added over the next year. Our current budget is around $40k. We do not have any current structures to maintain and very little common area. We do have 3 retention ponds and a small wetlands area. I am currently a new member of the board . The other board members want to immediately cancel the agreement with the management company and run the association on our own. I would like to hear the pros and cons of this decision from other HOA’s who have gone through this process. Current management fee is $6,000 and we are an Ohio association.

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Please note that blog comments and postings are not legal advice, rather only the opinions of our readers.
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