The new Act will help prevent apartment owners from being ripped off by managment companies. The Act also states that the ownership of the common areas has to be transferred from the developer to the management company, controlled by the owners, before any unit is sold.
Before this Act was signed into Law, developers generally retained control of the common areas until the last unit of the development was sold and the developer would retain control of the management company. This led in some cases to apartment owners being charged excessive management fees.
This Act will result in apartment owners having more of a say in how the common areas are maintained.
If you or you know anyone who is buying or selling an apartment, please contact us at This e-mail address is being protected from spambots. You need JavaScript enabled to view it " data-mce-href="mailto: This e-mail address is being protected from spambots. You need JavaScript enabled to view it "> This e-mail address is being protected from spambots. You need JavaScript enabled to view it or phone 01-2849034.
