Cyprus Property Forum for Buyers, Sellers & Investors

Hi Nigel,

Its been a while since i posted. Our developer has relinquished responsibility for our block of apartments from Dec 31st. He has appointed a management company to do the maintenance and communal cleans etc... As i understand it a Residents Management Commitee have to agree to this and sign a contract. My first question is

a) Do we all have to have title deeds to form a mangement commitee?
b) If we can form a commitee, do we have to appoint a management company or can we put out to tender for varying duties, and source our own insurance etc.. to save on the cost of paying a middle man.
c) I understand we have to have the committee legally drawn up with a solicitor to comply wioth Cypriot law is that correct?

We were only advised of this situation by e mail two weeks ago which gives us a very short time to rally support for the committe, but we are slowly gettting interested parties.

Your advise will be really appreciated.
Kind Regards
Liz

Hi Liz,

Yes - you can set up a Management Committee even though you do not have your Title Deeds. Louise Zambartas wrote an article on the subject at http://www.news.cyprus-property-buyers. ... /id=003397

And once you have established a committee you are free to organise things as you wish (providing you stay within the law). This includes getting competitive tenders for repairs and maintenance, insurance, etc.. Basically, the Management Committee operates as a company - responsible to the owners and the authorities for the day-to-day management of the complex. You can get the authorised English-language translation of the law from http://www.cyprus-property-buyers.com/f ... gs-law.pdf

I suggest that you use a lawyer to make sure that the committee is set up 'by the book'. (You can find the list of lawyers provided by the BRitish HIgh COmmission in Nicosia at http://www.news.cyprus-property-buyers. ... /id=002254 ).

Kind regards,

Hello Liz,

It sounds like you are a bit further down the line than we are. I can see that we will need to set up a management committee at some point in the future and I would be very interested to hear how you get on. Which area of Cyprus is your apartment in? Our problem is that the developer are very keen to continue managing the block as it is a lucrative deal for them. I am trying to get in contact with the other owners and they are obviously trying to prevent this as much as possible. I would be interested to know whether you are in touch with the other owners in your apartment and if not how you manage to coordinate the transfer of control. Feel free to send me a PM if you wish.
Many thanks,
Helen

Thank you Nigel for your help,

It has been suggested by the developer that we use a Management Company. A residents committee will still have to be formed with Treasurer, Chairman etc.... to sign a contract with them, i get the feeling that the Management Company feel as though they have already got the contract. We shall centainly use a Solicitor to make sure everything is done properly and also to guide us through the process. Its an uphill struggle to get interest but we shall soldier on.
Many thanks.
Liz