One of the main questions often people have had is whether or not they can terminate the HOA management contract. Before getting into work with an HOA management company, a contract is signed that contains all clauses and laws. If you have been working in association with the HOA management company, it is necessary to know that sometimes they may fail to provide you the required service. The contract has an important role to play for your working. At the same time, the contract contains information about how the contract can be terminated.
If the contract is about to come to an end, you need to ensure that you take thorough care of every detail mentioned in it. You also need to ensure that before bringing about the renewal process, you make sure to change the term of contracts that need management. As members of the Board of Directors, you need a copy of the management contract and then proceed accordingly. Also, this may help you get an idea about what you should do to terminate the management agreement contract.
If you are to terminate the contract, you need to analyze every aspect of it, before making a strong decision. You need to check the term of the contract. Often the contract is set for one, two or a maximum of three years. You may need to analyze what is the automatic renewal period or keystone of the contract.
As HOA, if you wish to terminate the HOA management service from the company, you need to check what stipulations you would get. Also, it is necessary to take care of the notice period. If all members are ready and aware of the contract, you may terminate it.
You can however always bring changes in your HOA management contract and work towards making it better in association with your HOA company. You might as well hire an attorney who can help to bring about positive changes in the contract.
