Common interest developments: managing agent fees

The law gives association members clearer access to how much their association pays its property manager and what those charges cover.

What the law does ​

• Requires common interest development association boards to review a managing agent fee statement each year.
• Requires the statement to identify its period, the number of separate interests, and the total amount billed and paid to the managing agent.
• Requires fees to be broken down into base management fees, additional or optional service charges, and reimbursable third-party expenses.
• Makes the annual managing-agent fee statement an association record available for member inspection and copying under existing law.
• Excludes association employees from the definition of managing agent for this requirement.

Who it affects ​

• Common interest development associations and their boards.
• Managing agents serving homeowners associations.
• Homeowners and other association members.