FAQ

WHAT IS PROPERTY MANAGEMENT?

WHAT IS A MANAGEMENT COMPANY?

WHAT IS THE IMPORTANCE OF THE LEASE?

WHERE DO BPM PROPERTY FIT IN?

WHAT IS PROPERTY MANAGEMENT?

New Developments
When a Development is complete, the Developer in question is obliged to form a Management Company.

As each unit in the development is sold the purchaser becomes a Member of this Management Company.

This enables a transfer of ownership and therefore control of the Common Areas within the development.

When all the units are sold the developer usually conveys the common areas via his/her solicitor to the Management Company and the owners take control of the Company.

Existing Developments
In an existing development, it is imperative that a healthy Sinking Fund is in place for every Residential Development.

This is now a prerequisite if you wish to sell your Apartment.

WHAT IS A MANAGEMENT COMPANY?

A Management Company is a Limited Company.

It’s responsibilities are outlined in the Management Company Lease, which forms part of the title documents, and in the Company’s Memorandum and Article of Association.

Board Of Management : When control has been transferred, Members are elected to the Board of Management.

Usually there are two Directors and one Secretary.

The Management Company is obliged under the terms of a Lease to maintain the Common Areas.

WHAT IS THE IMPORTANCE OF THE LEASE?

Each Purchaser signs a Lease when buying his/her property. This is a legal document.

It sets out the duties of the Management Company (Lessor) and the owner of each property (Lessee).

It also defines the Common Areas.

New owners should familiarise themselves with this document which they obtain from their Solicitor.

The lease sets out what the responsibilities of the Management Company are to each Owner and also the Owner’s responsibilities to the Management Company.

WHERE DO BPM PROPERTY FIT IN?

The Board of Management are responsible for the day-to-day running of their development.

BPM Property offer Property Management Services to do this on their behalf.

BPM Property execute the requests of the Directors and maintain clear and effective communication with them.

BPM Property endeavour to manage the development addressing the duties of the Management Company involved.BPM Services