Who do condominium property managers have fiduciary responsibilities to?

Condominium property managers have fiduciary responsibilities primarily to the owners. This relationship is rooted in trust and confidence, where the property manager acts on behalf of the owners in the management of the condominium. The fiduciary duty entails acting in the best interest of the owners, which includes managing property effectively, maintaining the value of the assets, and ensuring compliance with relevant laws and regulations.

This responsibility means that managers must provide transparent communication, safeguard the owners' financial interests, and make decisions that align with the owners' objectives and the overall health of the condominium community. By upholding these fiduciary duties, the property manager contributes to a positive living environment and preserves the integrity of the property, ultimately benefiting the owners and enhancing their investment.