Tuesday, 23 July 2013

Property Management and fees

Property Management and fees

1- Management of the common parts of a building on behalf of all its owners: ensuring the smooth day to day running of the building, keeping all the amenities and utilities in good working order, such as lifts, electric generators, boilers, water wells and water pumps etc. Recruiting and employing a caretaker for the building and supervising his work on regular basis.

2- Legal and administrative services:
a. Issuing and distributing notices of general assembly meetings to all owners, and record minutes of the meetings.
b. Obtain all the necessary insurance certificates for the building.
c. Issue warnings for service charge arrears to the owners concerned and subsequently start legal proceedings to collect these charges.

3- Accounting services:
a. Preparation of a budget forecast for the coming year.
b. Issue service charge demands/ quarterly statement of accounts to each owner.
c. Issue an annual statement of account for the building expenses.
d. Collection of service charges from the co-owners.

1 comment:

  1. Property management fees can vary greatly from company to company but here are some of the fees you can come to expect when dealing with management companies:

    MacPherson Real Estate