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What is the Owners Association?
The Owners Association is a non-profit establishment, is a
separate legal entity from its members and has the right to sue
and be sued. The Owners Association is responsible for the
management, monitoring and maintenance of common areas within
Jointly Owned Property and each unit owner is a member of the
Owners Association.
When is the Owners Association formed?
The Owners Association is legally formed or established upon
issuance of the first title deed for a unit within the Jointly
Owned Property by the Land Department, and in accordance with the
regulations, the Owners Association must be registered with RERA.
How is the Owners Association managed?
The Owners Association is managed by the board members of the
Association who are elected by all owners of units within the
Jointly Owned Property as registered with RERA. The board is
composed of not less than 5 members and no more than 7 members
along with three members of the reserve and the board elect the
chairman. The board will be responsible for managing the affairs
of the Owners Association, either by appointing an association
manager who is either:
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An individual who is an owner
of an unit within the Jointly Owned Property and who has been
granted permission by RERA to manage the Owners Association; OR
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Contracted with an Owner
Association management company which is registered and licensed
with the Real Estate Regulatory Agency.
What is service charge?
The service charge is the annual fee approved by the Owner
Association which represents the cost of managing and maintaining
the common areas in Jointly Owned Property to ensure the
continuity and quality, and is divided into two parts:
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