What are Managing Agents?
The Board of Management employs managing Agents, where the Board does not wish to undertake the full responsibility itself for the day-to-day management of the Company

The Managing Agents will endeavour at all times to see that the Management Company honours it's obligations to the individual owners and that the individual owners, in turn, honour their obligations to the Company and each other.

What is a Management Company?
A Management Company is formed at the beginning of a new development. All the common areas belonging to that development are vested in that Management Company and the future purchasers will become members of the Company. Ownership of the company passes to the members when the development has been conveyed.

What is a Lease/Covenant??
This is the legal document signed by the purchaser on closing. It is advisable to study this document in detail or have your legal representative survey the document on your behalf. Special attention should be brought to the sections on Estate Management, Managing Agents and any additional Estate Rules that feature in the document. It should be noted that this agreement is binding and is deemed a contract once signed.

What is Requisition on Title??
This is a legal requirement in the event that you need to sell your property and you are part of a Management Company. The purchaser's solicitor will request a requisition 37. This is a series of questions relating to the Management Company and the particular unit that is for sale. Once these queries have been replied to, the sale can proceed. As Agents, Property Asset Management complete the necessary replies on behalf of the owners concerned. 

What is a Letter of Indemnity?
The letter of indemnity shows proof of insurance for any unit in the Management Company that requires buildings insurance. This letter is vital in the case of a new apartment as financial institutions require proof of insurance as part of the loan approval process. This letter is also required in the event of a resale and is usually included with the requisition on title replies.