Cyprus Property Forum for Buyers, Sellers & Investors

Morning Nigel

Our complex has ten identical houses - we all pay €500 and up to now everyone has paid in full since we took control of the management ourselves.
There is around €8K in the account

However, one owner has just sent this message and I would appreciate anyone's comments ...

EDIT - message deleted due to GDPR issues

Basically it said that we shouldn't hold a large surplus and quoted this article


https://cyprus-mail.com/2017/07/30/lega ... committee/

Regards

Hi J B

The money collected by the Management Committee for insurance, maintenance, repair, etc. needs to be spent in the year following the AGM when th ebudget was agreed.

If you want to set up a 'sinking fund' you can do this by passing a motion at any general meeting of owners and placing the money in a separate bank account.

Regards,