The Condo Management Agreement serves as the foundational document governing the relationship between condominium associations and professional management companies in the United States. This contract type is essential when a condominium association decides to outsource the day-to-day management of their property to a professional entity. The agreement typically includes detailed provisions for property maintenance, financial management, administrative duties, and emergency responses. It ensures compliance with federal regulations like the Fair Housing Act and state-specific condominium laws, while protecting the interests of both the association and the management company.
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1. Parties: Identification of the management company and condominium association
2. Background: Context of the agreement and property details
3. Definitions: Key terms used throughout the agreement
4. Scope of Services: Detailed description of management services to be provided
5. Term and Termination: Duration of agreement and conditions for termination
6. Compensation: Management fees and payment terms
7. Insurance Requirements: Required insurance coverage and limits
8. Responsibilities of the Association: Duties and obligations of the condo association
1. Emergency Services: Procedures for emergency situations and 24/7 coverage requirements
2. Special Projects: Terms for handling renovation or improvement projects
3. Staff Management: Terms regarding on-site staff employment and management
1. Schedule A - Property Details: Detailed description of the property and units
2. Schedule B - Fee Schedule: Detailed breakdown of management fees and charges
3. Schedule C - Service Specifications: Detailed scope of services and performance standards
4. Schedule D - Insurance Requirements: Detailed insurance specifications and requirements
5. Appendix A - Maintenance Schedule: Regular maintenance and inspection schedules
6. Appendix B - Emergency Procedures: Detailed emergency response procedures
Relevant legal definitions
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