Problems Moving from Developer to Property Management Company

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Joined: 05 Aug 2021 14:02

Problems Moving from Developer to Property Management Company

Post by WillowTree »

We are a new owners committee in the process of transitioning to a property management company when our current maintenance contract with the developer expires 28th Feb 2022. We have not yet been able to open a committee bank account. The developer is still collecting communal fees.
We have requested a few minor health and safety repairs to be done, but the developer is not responding to us. Can committee members get the repairs done and deduct the cost from the fees they still owe (some pay fees in instalments)?
Thank You.
Nigel Howarth
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Joined: 24 Oct 2007 14:38
Location: Erimi, Limassol, Cyprus

Re: Problems Moving from Developer to Property Management Company

Post by Nigel Howarth »

Hi WillowTree

I'd be cautious about making repairs until you're MC has taken control.

There are a few hoops to jump through to set up a MC bank account. To get it set up, you need to comply with this bank circular.

As for establishing the MC, it's essential that you follow precisely Section 38 of the law - Buildings Under Joint Ownership.

Finally, the MC needs to insure the jointly-owned building in its entirety (see You have insurance but are you insured?) as described in Everything you need to know about the insurance of jointly-owned buildings. (By Miltiades Miltiadou – Independent Insurance and Risk Management Consultant.)

And be advised that if the property management company fails to deliver, the MC will be held liable.

Nigel Howarth
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