The Condominium Management Agreement serves as the foundational document governing the professional relationship between property managers and condominium associations in the United States. This agreement is essential when a condominium association seeks to delegate day-to-day operations, maintenance, and administrative responsibilities to a professional management company. It encompasses detailed provisions for financial management, maintenance schedules, emergency procedures, staff supervision, and compliance with various federal and state regulations. The agreement typically requires careful consideration of state-specific property management laws and local ordinances.
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1. Parties: Identifies the management company and the condominium association/board
2. Background: Establishes the context, property details, and purpose of the agreement
3. Definitions: Defines key terms used throughout the agreement
4. Appointment and Term: Formal appointment of manager and duration of agreement
5. Scope of Services: Detailed description of management duties and responsibilities
6. Compensation: Management fees, payment terms, and reimbursable expenses
7. Insurance and Liability: Required insurance coverage and liability provisions
8. Termination: Conditions and procedures for ending the agreement
1. Emergency Services: Procedures for handling emergencies - recommended for larger properties or those with complex systems
2. Staff Management: Employment and supervision of on-site personnel - included when the property requires dedicated staff
3. Capital Improvements: Procedures for major renovations and improvements - recommended for older properties or those planning renovations
4. Banking Arrangements: Specific banking procedures and requirements - included when complex financial arrangements are needed
1. Schedule A - Property Description: Detailed description of the managed property
2. Schedule B - Fee Schedule: Breakdown of management fees and charges
3. Schedule C - Scope of Services: Detailed list of management services to be provided
4. Schedule D - Insurance Requirements: Specific insurance coverage requirements
5. Schedule E - Maintenance Schedule: Regular maintenance tasks and frequencies
6. Appendix 1 - Emergency Procedures: Detailed emergency response protocols
7. Appendix 2 - Reporting Ƶ: Standard forms for regular reporting
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