Management Company
The Waterside Property Management Company Clg. is made up of all the owners of apartments in the development.
It is legally responsible for maintaining the standard of the development. This means that apartment owners in the development, are responsible for the upkeep of the apartments and of all the common areas.
What are the duties of the Management Company?
The main duty of the Management Company is to maintain the apartment complex. It must decide on an annual budget to pay for the cost of this maintenance. This budget is met by a service charge paid by all members.
The Management Company must decide what services it will provide, for example cleaning or employing a Management Agent. The Management Company will use the money it gets from members to budget for things like:
- ongoing maintenance;
- future painting or re-carpeting; and
- a ‘sinking fund’, for longer term or unforeseen expenses.
When you buy an apartment you become a member of the Management Company. Each member of the Management Company must pay their service charge every year. This will be used to maintain the apartment complex.
You will be invited to attend an Annual General Meeting (AGM) of the Management Company. At the AGM some members must agree to serve on the Board of the company.
This Board will make the decisions for that year about the upkeep of the complex.