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.
Download more information on a Managing Agent
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.