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#2022496 - 06/24/15 02:38 PM Property Management
Tom Owen Offline
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Joined: Nov 2014
Posts: 43
PA
-Curious what documents people are obtaining for homeowners associations that are opened by property management companies. We currently had a property management company that wants to open 100+ accounts for different home owner associations/properties they manage. Trying to figure out how other banks approach CIP in this instance. They have management agreements each association detailing property. If anyone has past experience I would appreciate their insight. By laws, meeting minutes to identify associations?
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#2022583 - 06/24/15 03:51 PM Re: Property Management Tom Owen
edAudit Offline
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edAudit
Joined: Jul 2008
Posts: 4,761
You are here
They are not the homeowners association. It would seem strange that they have access to the homeowners association funds in the first place. You would need DD on the Homeowner Association and I would like to have DD on the Management Co as they are acting as a broker.
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