Management Companies

Are we able to fire a management company if a contract was signed by the previous board of directors? The previous board was in the process of a recall because of all the wrong doings. Prior to them leaving they signed a contract with this particular management company, after reading the new budget are fees will be increased because the Manager is getting 77K a year, his Assistant 35K and the company itself is getting 42K! This is insane for a property of 282 units! We do have alot of issues because of water damage, wood rot and roof leaks, but this is unacceptable. What are our rights as homeowners and board members to get bids to find a more affordable company? Do we need to wait the full year for the contract to expire? Please advise, as our budget meeting is coming up in the next few weeks and I want to be there with answers....

Laura,
The new Board must honor any agreement previously executed by the HOA. Read the management agreement to determine how and when it can be terminated. We write contracts which can be terminated without cause upon 30 days written notice by either party. Some management agreements may require up to a year (or more). However, if the MC fails to perform duties listed in the agreement that can be grounds for termination. If that can be established get an attorney to help you if the MC will not concur with your desired termination.