Advisory Board – Liaising between Owners and Managers
A third party that plays a role in freehold ownership, in addition to the home owner association (HOA) and the manager, is the administrative advisory board. It is composed of three owners who tend to discharge their office on a pro-bono basis. On the one hand, it is the advisory board’s job to mediate between manager and owners On the other hand, the board supports and monitors the manager. Part of the second responsibility is specifically that the advisory board should review the budget compiled by the manager. Important to know for home owner associations: Setting up an advisory board is not mandated by law. Rather, it is up to the home owner association to decide whether it makes sense to create one. The usefulness of this institution rises in proportion to the size of a given home owner association. In case the owners do opt in favour of a administrative advisory board, the meeting of owners moves to appoint such a board, after which the board members are elected.
Whether Prior to an Acquisition...
Even ahead of an acquisition, the Accentro Real Estate Encyclopaedia offers interesting facts and decision guidance: We will coach you through the first steps on your path to homeownership. For instance, it provides information on the process flow of a condominium purchase. It will also tell you what sort of documents you need in order to buy property, and where to obtain them.
... or after – Our Real Estate Encyclopaedia Provides the Answers You Need
Once you have bought a property, you may wonder who is going to manage your condo and how. After all, caretaking your property is one of your main obligations as a condominium owner. In addition to numerous tips and suggestions, you will find answers here to many questions involving the property management subject, such as: What does “individual freehold ownership” mean? What exactly do “condominium regulations” govern? And what does the term “condominium fee” imply? In addition, we elaborate subtle differences between terms such as “real estate management” and “corporate real estate management.”
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