Fiduciary Duty is the special relationship of trust, confidence, and responsibility held by the association’s board toward the unit or parcel owners.If you are not willing to make decisions for the benefit of the entire community, you have no business being on your association’s board of directors. All Board Members of an HOA or Condo have a fiduciary responsibility to act in the best interest of the association. This not just a good idea, It is the law.
Have you had problems with your association? What did you do about it? Let us know in the comment section.
This is an ongoing series where we will explain the meaning of an unusual or interesting word; words or phrase that is relevant in community association management. Hence the name – What is that Word Wednesdays!
by Dan Tiernan, COO, Campbell Property Management