cleaning up the mess after letting M/C go

Started by SandraB2 • 5 replies • 1092 views

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SandraB2 (South Carolina)
Posts: 24

Posted:

We have decided to self manage after a long fight getting rid of the M/C. They didnt pay any of our bills for the last two months. We have been running all over to the utilities co,etc. to make sure things dont get shut off.They didnt turn over the bank accounts they cut us checks one from the expense and one from the reserve. Didnt get Jan. financials but looking at Dec. we got the bulk of it.Not sure we will get anything else from the m/c. Quess we will focus on getting our Hoa up and running for now. We will deal with them once things are stable.The Check lists I have gotten from this site have been very to my board!Any advise is appreciated.

GlenL (Ohio)
Posts: 5,491

Posted:

Sandra don't forget to change the name of your Registered Agent with the Secretary of State if it was the M/C. You also need to change the address with the IRS (Form 8822) and your local County Tax Office.

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JohnK3 (Pennsylvania)
Posts: 967

Posted:

Any records the PM held on your behalf belong to you. Call 'em up and set a date to pick them up. When we went Self-Managed, that was done.

We also got a pair of checks from the PM. We opened new accounts with those funds.

And got a PO Box.

And kept Membership posted regularly on the progress. And continue to do so.

SusanW1 (Michigan)
Posts: 5,202

Posted:

Make sure you notify the utilities, post office, all contractors and especially the members of your new address.

AnnaD2 (Florida)
Posts: 960

Posted:

It took us MONTHS to get all of our records when we did that. Lo and Behold, (as the treasurer) I found out there was still an account open with our last mangement company SIX months after we dropped them. All it took was ONE letter from our attorney to get them to turn over EVERYTHING that belonged to us. Don't let anything be "forgotten". Get everything that rightfully belongs to you.

EllenS1 (Florida)
Posts: 1,148

Posted:

Sandra,

Contact the department in your state that issues licenses to management companies and report them. They should definitely have their license revoked at the very least. If they also have a real estate license go after that too.

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