Lobeck & Hanson frequently assists our clients in preparing revisions to their governing documents, whether specific amendments or complete revisions. Our fee is normally $6,000 for the first draft of a complete revision of the Declaration, Bylaws and Articles of Incorporation.
In such a revision, we seek to update the documents to conform to current law, to delete obsolete developer references, to eliminate ambiguities and to improve the clarity and usefulness of the documents. We also advise on proper amendment procedures and assist clients when requested in obtaining unit owner approval (and where required, mortgage approval), as well as in properly recording the amendments once adopted. Also, it is very important to have documents which are clear and understandable, as ambiguous restrictions and procedures create a risk of the Association losing in an enforcement action.
Updated governing documents can help the Association operate much more smoothly and provides an improved image and better marketing tool for owners seeking to sell their units.