Cyprus Property Forum for Buyers, Sellers & Investors

Hi everyone,
We have an apartment where we are just forming a committee and are trying to get the developer to provide us with information about the communal charges they have been levying on us since we bought. The sort of questions we are asking are around how they have set the level, how much they have received from owners, how much they have spent and on what and what the electricity and water charges have been for the communal areas and facilities. What records are they legally supposed to keep and what can we expect them to provide us with please?
Thanks

Dear David and Julia welcome to the forum.

As your developer has not been running an 'official' Management Committee, I expect the firm's accountant will have details of income and expenditure regarding the day-to-day maintenance of the common facilities and related utilities.

Whether the company will be prepared to provide you with this information is another matter - hopefully it will be able to help.

Regards

Hi Nigel,
Unfortunately the developer is not being very helpful. When we asked how they calculated the annual increases of 10% they said that 'You signed a contract to say we could'.
What has made it more galling is that they've don't very little maintenance until the last month or so when some people started refusing to pay. We have now formed an interim committee to speak to them with one voice and are trying to contact the majority of the owners and form our own official committee.

Hi David and Julia

That's your best course of action - set up a Management Committee and take matters out of the hands of the developer.

You'll find an English translation of the relevant law at http://www.cyprus-property-buyers.com/f ... gs-law.pdf - this describes how to set up and run a Management Committee and the obligations of the Committee and the residents.

A couple other things you may find useful:

1. Everything you would like to know about the insurance of jointly-owned buildings.

2. Managing Cyprus apartments and building complexes - an article by Louise Zambartas.

(Note that you do not need Title Deeds to set up a Committee)

Regards,