Cyprus Property Forum for Buyers, Sellers & Investors

Hi
I am hoping that I can get direction from the forum on the subject of the creation of a sinking fund.

Our complex is about 5 years old and title deeds have not as yet been issued but we understand that they are in the offing. We currently pay in the region of €1000.00 for communal fees but none of this money is going into a Sinking Fund to cater for big expenses down the road.
We have set up a Working Group with a view to having a formal Management Committee in place when our deeds issue.
So as part of this work we want to put in place a Sinking Fund as part of our Communal Fees.
Can you advise on where I should start my research on this.
Many thanks as always.
Regards
Eoin

Hi Eoin

Firstly, there is nothing stopping you from setting up a Management Committee before your Title Deeds are issued, so you can get things moving now.

A sinking/contingency fund is an excellent idea as the money collected can be used for things such as unplanned repairs, redecoration of the external walls, etc.

I don't know of anywhere where you could start your research - apart from making contact with other Management Committees to see how they are handling things.

I will send you a PM of the treasurer of a Management Committee at the eastern end of the island - they may be able to advise.

Regards,