Third Party Resource
There are no resources available for home owners. What resources that are available are for either the association as an organization or for the management associations.
There are many examples of other industries where a third party can get involved, and they all are based around the competency of those involved. |
Renters have resources that HOA owners don't have, such as:
HOME Line Minnesota Housing Minnesota Attorney General SMRLS HUD
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Benefits of a Third Party Resource
• Mitigates the financial risk for both the homeowner and the HOA.
• Mitigates the potential for a situation to escalate because a board decides to make it into an unfortunate power play, rather than a conversation between grownups.
• Mitigates the risk to homeowners and HOA’s when competency is not a requirement to service on a board.
• Addresses the issue of board members not required to be competent to sit on the board.
• Can have a central place to gather information to identify needs and trends within HOA’s, as well as to identify best practices.
• Helps to create standards of business practices.
• Gives a voice to homeowners where there currently is no option for it among the legal and other systems.
• Helps to ensure associations are complying with the “duty of loyalty care” requirement of nonprofit governance.
• Can help to ensure contracts with vendors and management companies are in the best interest of the association.
• Helps to ensure accountability for both the homeowner and the HOA.
• Provides a witness for discussions between HOA and homeowner.
• Ensures the nature of the relationship between the HOA and the homeowner is consistently defined and applied.
• Mitigates the financial risk for both the homeowner and the HOA.
- If the association folds, the owners will have to clean up the mess.
• Mitigates the potential for a situation to escalate because a board decides to make it into an unfortunate power play, rather than a conversation between grownups.
• Mitigates the risk to homeowners and HOA’s when competency is not a requirement to service on a board.
- It can provide support to board members as well as create a pool of resources for them.
• Addresses the issue of board members not required to be competent to sit on the board.
- Helps to clarify the role and relationship between the management company and the association and between the association and the owners.
- Can help to ensure the association is run in a legally compliant manner.
• Can have a central place to gather information to identify needs and trends within HOA’s, as well as to identify best practices.
• Helps to create standards of business practices.
• Gives a voice to homeowners where there currently is no option for it among the legal and other systems.
• Helps to ensure associations are complying with the “duty of loyalty care” requirement of nonprofit governance.
• Can help to ensure contracts with vendors and management companies are in the best interest of the association.
• Helps to ensure accountability for both the homeowner and the HOA.
• Provides a witness for discussions between HOA and homeowner.
• Ensures the nature of the relationship between the HOA and the homeowner is consistently defined and applied.