Management Contract Overview
The key features of VERA's standard management contract are listed below. The contract is often customized based on the needs of the community and desires of the Board of Directors. For those unfamilar with the standard format of an association management contract, the primary features are discussed here on our blog.
The key features of VERA's standard management contract are listed below. The contract is often customized based on the needs of the community and desires of the Board of Directors. For those unfamilar with the standard format of an association management contract, the primary features are discussed here on our blog.
- Contract Length: 1 or 2 years
- Contract Termination: We believe the Board should have the flexibility to change management structures when they believe it is in the best interest of the association. As such, associations may terminate the contract at anytime with 60 days advanced notice.
- Management Fee: A fixed dollar amount or fixed percentage of association cash revenues (depending on fee structure) determined based on a multitude of factors including the number of units/ homes on the property, the number of association employees, types of amenities, and frequency of Board meetings.
- Management Services: Outlined here
- Additional Costs: We offer an All-In-One Management Fee so there are no additional administrative, processing or management fees. The contract does provide for an additional cost for replacement coupon books, special assessment coupon books, and background checks for potential buyers and tenants if desired by the Board.
- Legal Services: Our in-house attorney provides legal services at a highly competitive rate as part of the management contract. Collections are offered on a contingency fee basis so that the association does not have to pay for these services until collections are successful. Associations maintain the ability to use other legal counsel at their discretion.