MARK ROSENBAUM PRESENTATION
NOT QUITE EVERYTHING AN ASSOCIATION NEEDS TO KNOW ABOUT MANAGEMENT AGREEMENTS
PATTY TURNER CENTER
DEERFIELD , ILLINOIS
On Thursday, June 13, 2019 attorney Mark Rosenbaum of the law firm Fischel, Kahn
presented the topic Management agreements and the knowledge a community Association
needs to know when choosing and contracting with a management company.
He presented the following information to issue spot an Association through this process:
- Choose three management companies through self research or recommendation of professionals in the condo industry.
- Choose a licensed Ilinois manager.
- Check on line at the Ilinois Dept. of Financial and a Professional Regulation . Look the nameup and obtain license number and active status of the Manager.
- Interview the management company and the prospective manager to be assigned to your property.
- Employ your attorney in the search.
- Check your Declaration and ByLaws provisions which could affect the terms of the prospective contract with the management company.
- In the “jump” from one management company to the other , check what your current contract states about exit time and conditions. How much notice is required?
- Assure a smooth transition with documents due to you, resident lists and records, financials etc from one management company to another. Plan this transition carefully alerting bothparties of time frame and materials due to the Association.
- Check your Association documents to the terms of the agreement. Two year or three year contract permitted by your Declaration.
- In the new management contract make sure the duties of the new management company and thus the manager are clearly outlined.
- Make a required list of what your property needs and the scope of the responsibilities the Board believes is necessary for the property.
- Determine the number of Board meetings the manager would need to attend to be aneffective manager and be in communication with the Board and the residents.
These are just a sampling of the information that was presented. Attendees were given a chance to ask questions at the end of the presentation.
The Board of Directors thanks Mark Rosenbaum for his time and expertise offered to the participants at this seminar.
ACTHA will repeat this topic next year for it is one of the most requested topics.