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Originally Posted by Kananaskis04
Has anyone ever run into a problem where the documents are not kept current? We are currently selling and The Board has not approved the upcoming budget (2014/15) which is a document my buyer needs for his financing.
The management company has blamed The Board and does not seem to willing to help get this pushed through.
I understand The Board has to approve it themselves, but is there not an onus on the Property Managers as they are a paid consultant to ensure that important procedures are followed and something such as a budget document is kept current?
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Read the bylaws, some give specific guidance on dates budgets must be set.
What's the fiscal year end? Boards sometimes don't convene for a while and budgets may not be finalized for a period of time.
Overall, a strong Property Manager can make up for a weak Board and vs versa. I'd scub the Minutes down and see what both are like. I'd also put the onus on the seller and his agent to pound the Board/PM.