Four indispensable juristic persons for sustainable condo living
23 Feb 2017
living tips
Sharing space in a high-rise building with hundreds, or thousands in some cases, of co-owners, means that the assets belong not to one single person but to everyone. Therefore, all residents have the duty to follow rules and regulations and to maintain the value of the assets that could ultimately appreciate over time. The four groups of people who play a key role in making our condominium sustainable in the long term are:
1. The committee
The Committee acts on behalf of all co-owners and is tasked with drawing up rules and regulations and controlling the budget. An ideal committee should consist of members from several relevant professions, such as finance, engineering, marketing, etc., so that they can apply their lines of expertise to the management for the utmost benefit of all co-owners and not just the interest of any single person.
2. Juristic person manager
The manager must be a responsible, honest and ethical person. This is because he/she represents the juristic person in all transactions with third parties including entering contracts and affixing his/her signature to approve all processes on behalf of the juristic person.
3. Management of condominium / village
The management of the property is crucial in the administration of the entire property. It is tasked with ensuring the neatness and orderliness of the property, taking care of the shared assets, security, cleanliness, environment and organising bonding activities for co-owners, as well as planning expenditure and finding ways to increase the value of the assets.
4. Co-owners
Co-owners must protect their rights and properly carry out their responsibilities such as the payment of common fee. They must follow the rules and regulations and report any abnormalities found within the project. They should also give importance to the development and maintenance of the assets to maintain and increase their value.
If these four groups of people carry out their duties selflessly and support each other in protecting and maintaining the shared assets, all residents will benefit equally from the convenience and the happiness in their lives together. Furthermore, another benefit they will reap is the increase in the value of their properties that they have helped each other to look after.
Plus Property provides first-class property services to those looking to sell or rent out their property. Our highly experienced team also offers professional consultation on request. For additional information on condominiums that provide (the very latest cutting-edge technologies), call 02 688 7555 or click here to find units available for sale.
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