NancyM2
(California)
Posts:149
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| 08/20/2008 4:18 PM |
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Our HOA of 550 single family homes is looking onto hireing a Attorney to be put on a yearly retainer ~ with billable hours too apply when services are required.
What can we expect to pay, and what do most retainer's include.
I appreciate all the feedback I can get on this sbject.
NancyM2 |
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SusanW1
(Michigan)
Posts:2117
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| 08/21/2008 6:19 PM |
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How much do you use the services of an attorney?
I'd really think about putting one on retainer.
Get a list of 3 or 4 good real estate attorneys and call one only when you need him/her. Then, if needed, think about a retainer.
No use hanging the crepe . . . |
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NancyM2
(California)
Posts:149
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| 08/21/2008 6:40 PM |
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Right now we have a "in house" attorney that we pay 160K+ a year just to attend the meetings and be there to wipe anyone's noses (safety net for BOD) I am on the budget committee and they are talking about a 18% raise in dues, just to cover the operating expences. I was looking for this information to present to the budget committee so we could reduce costs. However everyone on this committee believes we need this "just in case" attorney instead of putting one on a retainer with billable hours on a pay as you need them basis.
No one is listening to me, it's frustrating. They all seem to have made friends with this attorney, and don't want to change anything.
NancyM2 |
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SusanW1
(Michigan)
Posts:2117
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| 08/21/2008 7:17 PM |
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You've got to be kidding!! 160K a year?
What is your annual budget?
What is this lawyer's expertise speciality?
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NancyM2
(California)
Posts:149
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| 08/21/2008 8:42 PM |
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Dear Susan ~~ I am not surprised that you are surprised??? Our yearly budget is around 100K ~ Right now we don't have any resurve/contingency on our operateing cash. We are living "hand to mouth" so to speak. As far as I know this attorney is a General Practice Attorney, with 13/14 yrs experience. We recently went through a "class acton" law suit, and it left everyone on the board scared. However things are at a normal pace right now.
Thank you for your reply
NancyM2 |
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KirkW1
(Texas)
Posts:1110
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| 08/21/2008 8:59 PM |
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Wow, and some people complain about the $60 a house that we spend on management. Rough calculation you are paying $290 per house for this guy to attend meetings. Seems like a waste to me.
All the same, you are but one voice. A frustrated voice I am sure, but one voice. Isn't democracy great?  |
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RogerB
(Colorado)
Posts:3694
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| 08/22/2008 6:40 AM |
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Nancy,
Why is an attorney needed at your meetings? I would be actively working to replace those Board members. |
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Roger Borcherding
Official HOATalk.com Sponsor
DARCO Property Management (Colorado)
(303) 925-0150 
*See legal notice below (end of page) or go to www.hoatalk.com/legal |
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NancyM2
(California)
Posts:149
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| 08/22/2008 6:43 AM |
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Kirk ~ Your costs for Mgmt are minimal compaired to ours. Our Mgmt Co is increasing by 5% for FY2009 making the cost of Mgmt allually $137,484 with extras estimated at $18,000 for the year. devide 575 owners into that, and consider yourself lucky.
P.S. The Mgmt Co was reccomended by the attorney, they are friends of hers.
NancyM2 |
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NancyM2
(California)
Posts:149
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| 08/22/2008 7:00 AM |
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Roger, I have been complaining about our costs for years now. The BOD does not listen. I used to be the treasurer of our HOA 5 years ago. The BOD and attorney consider's me the mal-content. Wait until they raise our dues by 5% and watch the sleeping giant wake up. I am only one person. I am surprised they allowed me to be on the budget committee.
It's a shame they don't have some governing agency to oversee HOA's in Calif.
NancyM2 |
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GeraldT4
Posts:932
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| 08/22/2008 7:34 AM |
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| NancyM2 - Do I understand this correct, that you are paying the attorney 60K more a year than your 100K budget? |
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NancyM2
(California)
Posts:149
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| 08/22/2008 7:48 AM |
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Gerald ~~ Sorry I misquoted ~ Our budget runs 100+K monthly. Our dues are $150.00 a month for owners. (575 single family homes)No amenities other than a green belt.
NancyM2 |
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NancyM2
(California)
Posts:149
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| 08/22/2008 9:47 AM |
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correction ~~ the dues increase would be 18% ~~ not the 5% I posted earlier. i'm not having such a good day today ~ Must be all this frustration
NancyM2 |
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