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#2255009 - 06/08/21 05:17 PM Property Management Companies - Changing Owners
CSB98 Offline
Diamond Poster
Joined: Dec 2003
Posts: 1,233
Wisconsin
We currently bank multiple HOA accounts that are being managed by ABC Management Company. They have access to the accounts, etc. ABC is selling the business to an individual who will operate as XYZ Management Company. Since the HOA accounts are technically owned by each of the associations, am I correct in saying that new accounts wouldn't need to be opened and that we would just need documentation from the HOA granting authority to this new property management company? This is a new one for me.

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#2255010 - 06/08/21 05:33 PM Re: Property Management Companies - Changing Owners CSB98
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 76,999
Galveston, TX
If ABC Management Company has accounts on which they are acting in a fiduciary capacity, I am not sure how you just change the fiduciary on the account. Talk to your legal counsel.
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