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Real Estate Glossary

Owners' Meeting Minutes – an Important Source of Information for Present, Future, and Potential Owners

Minutes should be kept during every important meeting in order to note decisions and responsibilities, and a meeting of owners is no exception. According to the German Condominium Act (WEG), owners' meeting minutes must take the written form. This is the responsibility of the chairperson elected at the start of each owners' meeting. While the manager often takes on this role, it could just as well be one of the owners.

Contents of the Minutes: Attendees and Outcomes

The minutes should note first of all the exact nature of the owners' meeting, preferably stating the address of the housing estate at issue. Moreover, they should identify the location and date of the meeting, along with the name of the meeting's chairperson. Another key elements of the minutes is a list of the persons in attendance complete with their respective functions. This means specifically that any person attending who is not an owner, which could e.g. be a proxy representing an absentee owner or a member of the administrative advisory board, should be identified as such. The minutes should moreover state whether the meeting was regularly convened.

One of the most important items in the owners' meeting minutes is the documentation of the resolutions passed. The resolutions need to be detailed complete with the exact number of votes that carried them. It is better yet if the minutes, rather than limiting themselves to the outcome of a vote, cover the preceding debate, because this will make the decisions more plausible later on. Important to note: It is of the essence that the minutes remain unbiased and be kept free of personal assessments.

The Owners' Meeting Minutes – Mandatory Reading for Leads

As the meeting winds up, the chairperson of the meeting, the chairperson of the administrative advisory board, and one owner have to endorse the minutes. Deviations from this rule, for instance if two owners endorse the minutes, must be authorised by the condominium regulations to be effective. Since resolutions of a home owner association can be contested up to one month after the meeting, the minutes should directly be made available to all owners. It is the manager's responsibility to see to that. The managers must also archive the minutes in such a way as to make them accessible to future owners. After all the minutes of the home owner association are an invaluable source of information for prospective freehold owners. For one thing, they reflect the level of harmony in the home owner association and the procedure it follows to pass its resolutions.

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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