Why do Management Company’s Charge a Fee for a seemly easy Estoppel request?
One significant reason; whoever signs an Estoppel Request Form is responsible for accuracy..
If signed by Property Manager, the Board would be held harmless, since most Management contracts call for assignments
Also, Estoppel request has to be completed and signed by a contracted manager, agent of, or by a Board member within a reasonable amount of time. Within fifteen (15) days to be exact.
Who’s counting? Usually the Bank or Owner who holds title of said property.
Is there consequences if not received by fifteen (15) day dead line? You bet ya.
The first step a Bank or Owner of said property would take, is to bring a Summary Proceeding against defaulting Association. This is a, “quick fix” for a resolution. If a resolution cannot be met, then a claim can to brought to against the Association.
So who is responsible to deliver Estoppel Request within the allotted time frame? The contracted Management Company.
Who’s responsible for accuracy? Whoever signs the Estoppel Request Form.
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