Kansas Management Agreement between Condominium Association and Management

• Category: Contracts - Management
• State: Multi-State
• Control #: US-02421BG
• Format: Word; PDF; Rich Text

Description

A condominium is a combination of co-ownership and individual ownership. Those who own an apartment house or buy a condominium are co-owners of the land and of the halls, lobby, and other common areas, but each apartment in the building is individually owned by its occupant. In some States, the owners of the various units in the condominium have equal voice in the management and share an equal part of the expenses. In other States, control and liability for expenses are shared by a unit owner in the same ratio as the value of the unit bears to the value of the entire condominium project. The bigger condominium owners would have more say-so than the smaller condominium owners.

A Kansas Management Agreement between a Condominium Association and Management is a legally binding contract that outlines the roles, responsibilities, and expectations of both parties involved in the management of a condominium complex. This agreement is designed to ensure efficient operations, maintain property value, and provide a high-quality living experience for condominium owners. The Kansas Management Agreement typically includes the following key elements: 1. Parties: The agreement identifies the Condominium Association, representing the collective interests of the condominium owners, and the Management company responsible for overseeing the day-to-day operations. 2. Term and Termination: The agreement specifies the duration of the management contract, outlining the start and end dates. It may also include conditions for early termination, such as breach of contract or non-performance. 3. Scope of Services: This section outlines the specific services provided by the Management company, which may include financial management, maintenance and repairs, vendor coordination, common area upkeep, and enforcement of governing documents. 4. Financial Obligations: The agreement includes provisions related to the financial aspects of managing the condominium complex. This may cover the management fee structure, payment terms, and delineation of responsibilities for budgeting, collecting assessments, and financial reporting. 5. Communication and Reporting: The agreement defines how communication will occur between the Condominium Association and Management. It may include regular reporting requirements, attendance at board meetings, and protocols for addressing concerns or emergencies. 6. Insurance and Liability: This section addresses insurance requirements for both the Condominium Association and Management, specifying that each party must maintain their respective insurance policies and hold the other harmless for certain incidents, unless due to negligence or intentional misconduct. 7. Dispute Resolution: The agreement may include a clause specifying the process for resolving disputes or conflicts between the Condominium Association and Management, such as mediation, arbitration, or litigation. Types of Kansas Management Agreements between a Condominium Association and Management may vary based on the specific needs and circumstances of each condominium complex. Some variations may include: 1. Full-Service Management Agreement: This type of agreement encompasses comprehensive management services, covering financial management, property maintenance, vendor coordination, resident relations, and other essential tasks. 2. Financial-Only Management Agreement: This agreement focuses primarily on financial aspects, such as budgeting, collecting assessments, coordinating audits, and financial reporting. It may be suitable for Condominium Associations that handle maintenance and other operational tasks in-house. 3. Limited-Services Management Agreement: In situations where the Condominium Association chooses to handle most management tasks, this agreement outlines specific services the Management company will provide, such as financial consultation, insurance coordination, or assistance with major maintenance projects. It is important for both the Condominium Association and the Management company to carefully review and negotiate the terms of the Kansas Management Agreement to ensure that all relevant aspects of their partnership are covered, and their shared goals are effectively met.