Deteriorated Buildings Due to Poor Management
Receivership
What is Condo Receivership?
This is a type of Administration where a person, or entity, is appointed by the Court to take over the management of a condominium, or a Home Owners Association. The Receiver functions include Management, Financials, like paying the bills, collecting income, contacting vendors to schedule repairs, payrolls processing, scheduling the employees’ tasks, support the Legal Counselor, attend the owners and residents service requests and other important administrative tasks. Normally, the Receiver acts as the Board of Directors in taking care of the business.
Why Having a Receiver?
It is now very frequent the need to place the Association under Receivership. The scenario of hiring a Receiver becomes a very practical approach to place the administration under a professional administrator due to lack of owners willing to serve in the Board and take care of the Associations’ affairs.
It is a choice worth considering where Board dysfunctionality may exist due to factions warriors that are antagonistic and can-not agree in their vision of how to run the condominium, or HOA, or where the perceived moral character of some members creates an environment of distrust that jeopardize the functionality of the Association, causing, in almost all cases, significant drop in property value, or lower the standard of living deserved and aspired by the owners, their families and their tenants.
It is a choice worth considering where Board dysfunctionality may exist due to factions warriors that are antagonistic and can-not agree in their vision of how to run the condominium, or HOA, or where the perceived moral character of some members creates an environment of distrust that jeopardize the functionality of the Association, causing, in almost all cases, significant drop in property value, or lower the standard of living deserved and aspired by the owners, their families and their tenants.
Typically, Receiverships are very expensive as they are run on an hourly rate.
No with us.
Our Receiverships Contracts are on a flat, monthly rate depending on the number of units and on a fixed term of minimum three to five years, which is the minimum expected time to re-organize and streamline the Association’s finances, management and legal affairs.
Under our approach monthly, or quarterly, management and financials reports are delivered to the unit owners, or their representatives.
After the collapse of Surfside Towers, the modality of Condos and HOAs Receiverships are getting a lot of attention by many Boards of Directors, due to the evident legal benefits for them, personally, of no getting involved in costly litigations and persecution of their personal assets by litigants on the lookout when the Association affairs are going south.
No with us.
Our Receiverships Contracts are on a flat, monthly rate depending on the number of units and on a fixed term of minimum three to five years, which is the minimum expected time to re-organize and streamline the Association’s finances, management and legal affairs.
Under our approach monthly, or quarterly, management and financials reports are delivered to the unit owners, or their representatives.
After the collapse of Surfside Towers, the modality of Condos and HOAs Receiverships are getting a lot of attention by many Boards of Directors, due to the evident legal benefits for them, personally, of no getting involved in costly litigations and persecution of their personal assets by litigants on the lookout when the Association affairs are going south.
Reconstruction of Finances & Infrastructure
Surfside Could Have Been
Saved If Under Receivership
Receivership Is the Solution
Worthy of Consideration