What should be done when records are being transferred between managers or management companies?

When records are being transferred between managers or management companies, it is essential to create detailed inventory sheets that are signed by both parties involved in the transaction. This process ensures that there is a clear and documented understanding of what records are being transferred and their condition. By having both parties sign the inventory sheets, it provides a level of accountability and transparency, which is crucial in property management. This documentation can help prevent disputes over lost or unaccounted-for records in the future.

Additionally, maintaining an accurate inventory of transferred records is important for compliance with legal requirements and for maintaining effective communication between incoming and outgoing management teams. This thorough approach to record transfer reinforces best practices within the industry and helps protect both the managers and the interests of the community they serve.