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 Did you buy your condo or townhome assuming everything would be taken care of efficiently for you?
Is your property investment being maintained and managed at the service level you expect and deserve?
Are the requirements to Sell, Lease or Refinance in your Association clear to the owners with protocols that will meet current mortgage lending requirements to ensure a smooth closing?
Are processes in place making your life convenient, frustration-free and your living experience enjoyable?
Are you aware that your property values can be directly affected by the reputation of your developer, the financial stability and the property management of your Association?
Are you aware that if rules and protocols are not being followed according to Illinois condo law, regardless of building size, all decisions made by the Board are subject to be challenged?
Do the owners and Board incorrectly assume that all owners should be consulted on decisions regarding the Association vs. a majority vote only by the Board? |
Whether professionally or self-managed, does the Board understand its fiduciary duty to ensure the Association’s compliance with applicable laws and, if not, could be found negligent?
Is the Board monitoring monthly financial statements including delinquencies, budget to actuals, balance statements, etc.?
Is the Annual Budget sufficient for your Association’s operations and in compliance with legal requirements including reasonable Reserves and adoption guidelines?
Does your Association have an Operations Manual, Annual Calendar, Emergency Protocols, Maintenance Criteria, Resident Roster, Vendor Contacts, Rules and Regulations, etc.?
Are accurate Records of the Association being kept including Annual Reports, Financial Records, Annual Tax Returns, End-of-Year Reports, Minutes, Annual Meeting Ballots, Contracts, etc.?
Would you welcome a one-stop resource with instructions and forms to efficiently and successfully manage your Association? |
Do you understand how to accept responsibility from the Developer and implement efficient start-up Association procedures to protect your investment?
Are you confident that the Developer provided your Association with correct financials and monies owed, quality workmanship, a thorough and completed punch list, and all the building amenities promised during the sales process to each owner?
Are you aware that the Developer has specific obligations to your Association under the Illinois Condominium Property Act and, in some cases, there are time restrictions to legally address issues beginning with the date of Developer Turnover to the Association?
Would you value consultation or project management to help guide you in fulfilling your fiduciary duty in the most efficient, timely and cost-effective manner?
Do you need the tools to self-manage your condominium, townhome or homeowners Association or assistance in researching the best property management company to meet the needs of your building?
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As the first Board prior to Developer Turnover, do you understand that your fiduciary duties and responsibilities are the same as the owner-controlled board and what those are?
Are you aware of the proper management protocols prior to Developer Turnover that can result in increased owner satisfaction and decreased legal implications for the Developer?
Are you confident that the Pre-Turnover management, administration and financials of the Association follows the requirements of the Illinois Condominium Property Act protecting you from potential litigation by the Association after Turnover?
Do you have accurate Developer Turnover Meeting protocols in place that will provide owners with the required documents and communication as required by the Illinois Condominium Property Act?
Would you like to create positive public relations as a Developer, resulting in happy homeowners who refer others to purchase in your future projects? |
