AnneH2 (Florida)
Posts: 82
Posts: 82
Posted:
How do you get a copy of an property management company's surety bond if they are non-responsive?
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Surety bond- Florida
Started by AnneH2 • 9 replies • 2631 views
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SusanW1 (Michigan)
Posts: 5,202
Posts: 5,202
Posted:
Put them on notice of contract cancellation unless it is provided within 48 hours.
If this certification is a requirement of your HOA contract, then the PM has not fulfilled its obligation.
You should not have to go looking for this. The PM should have it tacked on the office wall, along with any other licenses, certifications, etc.
If this certification is a requirement of your HOA contract, then the PM has not fulfilled its obligation.
You should not have to go looking for this. The PM should have it tacked on the office wall, along with any other licenses, certifications, etc.
GlenL (Ohio)
Posts: 5,491
Posts: 5,491
Posted:
In addition to the bonds covering our BOD our CC&R's also require the PM to provide one at their cost naming the Association as an additional obligee and requiring the issuer to provide us with ten (10) day's written notice before the same may be canceled or substantially modified for any reason.
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AnneH2 (Florida)
Posts: 82
Posts: 82
Posted:
30 day notice has been provided due to funds transferred out of reserves with no explanation. Telephone of PM company not answered. It is in another state.
Request for copy of bond occured prior to termination notice. Who would one contact to obtain a copy of their bond? The state? They have not been able to speak to a human at number on DBPR website. Any chance that there are just a few bonding companies, so they could contact them all?
Request for copy of bond occured prior to termination notice. Who would one contact to obtain a copy of their bond? The state? They have not been able to speak to a human at number on DBPR website. Any chance that there are just a few bonding companies, so they could contact them all?
MaryA1 (Arizona)
Posts: 7,043
Posts: 7,043
Posted:
Anne,
I surely hope the PM is not the only signatory on your bank accounts. Where were the reserve funds transferred to? Hopefully to another of YOUR HOA's bank accounts! I would be very suspicious if I had to call a long distance #, especially one that is never answered, to speak to someone at my prop. mgmt co. No local number??? Instead of worrying about obtaining a copy of their surety bond, perhaps the board should be seriously thinking about getting out of this contract. Find a local mgmt company! The next time the board contracts with a mgmt co I hope they make certain to get the ins info BEFORE signing the contract!
I surely hope the PM is not the only signatory on your bank accounts. Where were the reserve funds transferred to? Hopefully to another of YOUR HOA's bank accounts! I would be very suspicious if I had to call a long distance #, especially one that is never answered, to speak to someone at my prop. mgmt co. No local number??? Instead of worrying about obtaining a copy of their surety bond, perhaps the board should be seriously thinking about getting out of this contract. Find a local mgmt company! The next time the board contracts with a mgmt co I hope they make certain to get the ins info BEFORE signing the contract!
AnneH2 (Florida)
Posts: 82
Posts: 82
Posted:
Thank you all for the input. Still trying to find out the answer to my original post. I have a sinking feeling and am beginning to believe that no surety bond was in place. But if you all would just give the names of the bonding companies that your PMs use, I could just start cold calling to see if, by chance, the company I am checking has a bond with them.
An added caution to those of you who have obtained a copy of the surety bond from your PM. Call the bonding company to obtain the actual copy of the bond. Anyone can create what looks like a legitimate surety bond. Call the company and have them send the copy of the bond and then check when the renewal period rolls around.
BTW- this is not my HOA.
To give you an update-
The board had already taken the PM off as signer on the account. Money continued to be transferred out.
I just found a complaint filed against the same company claiming almost 700k transferred out of the account.
An added caution to those of you who have obtained a copy of the surety bond from your PM. Call the bonding company to obtain the actual copy of the bond. Anyone can create what looks like a legitimate surety bond. Call the company and have them send the copy of the bond and then check when the renewal period rolls around.
BTW- this is not my HOA.
To give you an update-
The board had already taken the PM off as signer on the account. Money continued to be transferred out.
I just found a complaint filed against the same company claiming almost 700k transferred out of the account.
JohnM3 (Florida)
Posts: 288
Posts: 288
Posted:
Are you folks nuts? You got the fox watching the hen house. In our HOA the Treas must sign all checks and the president or vice president must co-sign all checks are you folks nuts? Never ever give that function away we have been this way for 21 years.
Anne you are in Florida go to My Florida.com and start emailing the dept of condos and hoas I forget there number but start with them then write a e-mail to Rep Julio Robiana inform him of the situation and demand help. ( He hates condo boards and hoas he almost lost his Florida apt to a hoa board )then call the city clerk for your town, then call the State Licensing Dept they have to have a parent address and location then send a email to the Atty General of Florida Mc Collium then send a email to the atty General of the state where there corporate hq is located use the email it works then next send a email to your state senators office in Washington. Dont even send air to Martinez he is a putz but Nelson has a web site he got us new mail boxes fill everybody's mail box up get the entire BOD writing emails to everybody rattle there cage for gods sake never put your money in someone else s hands except the treasurer and demand every month a copy of every check written and cashed both sides get online access to your bank also if they refuse go to Banco popular they bought out sky-lake state bank who were the only bank loaning money to BODs and Condo Boards they got bought out by Kislak Bank of Miami Lakes then Kislak got bought by Banco Popular they got lock boxes and the whole schmear great good luck
Jack Murphy
Anne you are in Florida go to My Florida.com and start emailing the dept of condos and hoas I forget there number but start with them then write a e-mail to Rep Julio Robiana inform him of the situation and demand help. ( He hates condo boards and hoas he almost lost his Florida apt to a hoa board )then call the city clerk for your town, then call the State Licensing Dept they have to have a parent address and location then send a email to the Atty General of Florida Mc Collium then send a email to the atty General of the state where there corporate hq is located use the email it works then next send a email to your state senators office in Washington. Dont even send air to Martinez he is a putz but Nelson has a web site he got us new mail boxes fill everybody's mail box up get the entire BOD writing emails to everybody rattle there cage for gods sake never put your money in someone else s hands except the treasurer and demand every month a copy of every check written and cashed both sides get online access to your bank also if they refuse go to Banco popular they bought out sky-lake state bank who were the only bank loaning money to BODs and Condo Boards they got bought out by Kislak Bank of Miami Lakes then Kislak got bought by Banco Popular they got lock boxes and the whole schmear great good luck
Jack Murphy
AnneH2 (Florida)
Posts: 82
Posts: 82
Posted:
Jack-
You are quite passionate, but the start of your post abrasive. You may have missed some of what I have previously stated in your excitement. If you will reread this thread, you will see that the board was signing the checks.
The funds were transferred out by the PM, not by written check. Contact has been made with the state AG and DBPR. The bank has turned it ver to outside counsel, so they may have some liability, as well, since itwas not the board that authorized the transfers. The bad thing is that, even if all the funds are returned, the funds are needed now. With aged receivables climbing in associations everywhere, they can't afford wait.
I am aware of at least three other HOAs all in the same boat with this company- if I can find the bonding company, that may be a quicker route to take. (In addition to legal action)
You are quite passionate, but the start of your post abrasive. You may have missed some of what I have previously stated in your excitement. If you will reread this thread, you will see that the board was signing the checks.
The funds were transferred out by the PM, not by written check. Contact has been made with the state AG and DBPR. The bank has turned it ver to outside counsel, so they may have some liability, as well, since itwas not the board that authorized the transfers. The bad thing is that, even if all the funds are returned, the funds are needed now. With aged receivables climbing in associations everywhere, they can't afford wait.
I am aware of at least three other HOAs all in the same boat with this company- if I can find the bonding company, that may be a quicker route to take. (In addition to legal action)
MaryA1 (Arizona)
Posts: 7,043
Posts: 7,043
Posted:
Anne,
If the PM was a signatory on the HOA accounts I don't know that the bank has a liability. All they are required to check is that the person making the transaction is a signatory on the account. Do you know where the transfers went? The bank should be able to give you that info.
If the PM was a signatory on the HOA accounts I don't know that the bank has a liability. All they are required to check is that the person making the transaction is a signatory on the account. Do you know where the transfers went? The bank should be able to give you that info.
AnneH2 (Florida)
Posts: 82
Posts: 82
Posted:
The PM wasn't a signatory.
Thank you for all the good advice.
Thank you for all the good advice.
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