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Subject: HOA contract Language

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MarkP3
(Colorado)

Posts:2

07/24/2008 5:30 PM
Looking for a source of contract language between a Master Association and a HOA (us). 1. The Master Assoication wants to be able to change the Maintenace Fee we pay to them for road use with only a 30 day notice. Also, we don't get a chance to review or challenge cost information. 2. Also, for Emergency repairs, they also want payment with a 30 day notice with no input as to the cost. If more than $1000 then they will "try" to contact us first. 3. Whats a common interest rate to be charged for interest on late payments when liens can be placed on HOA units? So far I've seen 10%, they want 18%. The Master Association is trying to get us to sign a contract they wrote. I'm open to any comments.

SusanW1
(Michigan)

Posts:2316

07/24/2008 6:44 PM
If you are EXCLUSIVELY bound to the Master Association by this contract, then a 30-day notice is pretty standard for notice of change in services rendered. However, the real issue is your lack of ability to negotiate the contracts or even cancel them. Since finances are tight, - insist on a "freeze" on all costs - OR get your own service companies to do all these things. MUST you go thru them for all these services?

MarkP3
(Colorado)

Posts:2

07/24/2008 7:00 PM
Exclusively for the roads, mail kiosk and easement areas, yes. But we pay our own utilities & maintenance on our property. The contract they are proposing is in draft form. So you recommend a clause for negotiating service contracts for both the emergency / maintenance fee changes?

GlenL
(Ohio)

Posts:1470

07/24/2008 8:29 PM
Get an attorney to explain the contract to your group. Have him/her explain all of the risks involved and what should be added to or removed from the contract to protect your group. You can bet that the contract was drafted by an attorney who was looking out for the interests of the Master Association. Don't blindly sign it on advice you get from an online forum; no matter how brilliant we are. This is one of those times you need to pay for professional advice.

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Forums > Homeowner Association > HOA Discussions > HOA contract Language

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