Lawyers In Cyprus Offer Service For Cyprus Properties Managemnet Committities
7:06 amin Cyprus Lawyers, Cyprus Property Lawyer3 Comments Off
Cyprus Lawyers – Review – management Committees – completed on 19th February 2010.
When buying Cyprus Properties on complexes or apartment blocks, each individual owner has a responsibility towards the upkeep of the surrounding grounds and facilities and common fees will apply also.
In brief a management committee must be set up in order to keep the development in good working condition and to manage any relevant issues such as maintenance services and insurance matters. It is also the responsibility to arrange and maintain a cash flow for any expenses relating to managing the complex.
All owners will pay a certain amount in to the cash fund depending on the size of their property. If an owner does not pay their share members of the committee have the authority to bring legal action against the non paying owner to recover any debt.
Your lawyer must always advise you whether a management committee is already present on the complex and provide a contract stating amount of fees required.
A management committee is very important as it not only helps to keep the complex is good condition it also helps boost the market value of each property. Plus it is a fair and simple way of making decisions.
If you require legal services regarding a management committee please visit us at www.lawcyprus.org
PUBLISHED BY A&G KOUZALI LAW OFFICE ON 21st FEBRUARY 2010.
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