Multi-unit developments are usually made up of apartments or duplexes, but can also be made up of townhouses or stand-alone houses that share facilities, such as car parks or outdoor areas, or shared services, such as security and waste collection.
When you buy a property in a multi-unit development, you automatically become a member of the Owners’ Management Company (OMC). You are buying both your individual property and a share of the ownership of the common areas.
Section 18 of the Multi-Unit Developments Act 2011 provides that the owner of each unit (including the developer or building contractor of the development) shall be under an obligation to pay all management fees levied by the OMC. One of the reasons for the establishment of an OMC is to manage and maintain common areas in a multi-unit development.
Owners Management Company
Each owner is a member in the Owners Management Company. By signing the lease when you acquire your property you agree to pay the charges.
The OMC’s are governed by the Multi Units Developments Act 2011. The Act sets out defined rules how every OMC is governed. OMCs are managed by a Board of Directors and operate to the rules of company law.
The responsibilities and rules of how the OMC is governed are outlined in the OMC’s Memorandum and Articles of Association and the Multi Unit Developments Act 2011.
The Managing Agents
The Managing Agents are appointed by the OMC to provide maintenance and other services for the day to today management on behalf of the OMC. The managing agent works under the instructions of the OMC.
Managing Agents services can include, Inspecting and maintaining common areas, Organising maintenance services, collecting services charges, Administrative duties, such as arranging buildings insurance cover, Organising meetings between the OMC and owners and responding to owners queries.