Transfer of Common Areas

Submitted by Aisling Keenan on Fri, 09/26/2008 - 16:57.

Property Management Companies are set up mainly to provide a forum for all owners to be represented equally and to hold title to the common areas of the development be it apartment block or housing estate.

On this topic, here is an article that has recently appeared in 'Accounting Matters'...

"Property Owner Management Companies are companies set up to hold title to common areas of apartments and housing estates. The company pays for maintenance etc. and bills this to the residents as an annual service charge. It is usual for the title to the land to vest with the developer until they have finished the development and then transfer once the development is complete. It has now become common for builders to delay transfer of the common land sometimes in the hope of further developing the land or sometimes just by oversight. This does not preclude the Property Owner Management Companies charging residents their annual service charge although it is likely that an auditor will put in an emphases of matter paragraph in their audit report drawing attention to the non transfer. Not owning the grass does not mean that you can't mow it and you certainly have an insurable interest in maintaining the property you may not technically own.

However, it is very common for the property transfer agreements to state that the builder is responsible for maintenance until the common area is transferred. For some reason this seems to have been ignored in most developments. An auditor would be minded to check the transfer agreements as there may be no basis for charging the annual service charge where the builder has held on to title to the common area and this standard clause is in the transfer agreement."

While the author of this article may note that "there may be no basis for charging the annual service charge" the reality is that if the owners do not pay service charges to maintain the common areas the chances are the the builders will not pay it and this will lead to a long dispute all the while the development is deteriorating and the value of the properties within are affected negatively.

Bookmark/Search this post with:

Anonymous (not verified) Says:
Thu, 04/18/2024 - 19:42

Acquire the key benefits of basically leading-edge toxins -- you'll observe your ex-girlfriend ideal for: 123movies website

situs slot (not verified) Says:
Thu, 04/18/2024 - 17:37

"It's very effortless to find out anyy topic onn net as compared to books, ass I found this post
at this web page." situs slot

링크사이트 (not verified) Says:
Thu, 04/18/2024 - 17:02

i really like this article please keep it up. 링크사이트

먹튀검증 (not verified) Says:
Thu, 04/18/2024 - 16:59

A debt of gratitude is in order for the decent blog. It was exceptionally helpful for me. I m glad I discovered this blog. Much obliged to you for imparting to us,I too dependably gain some new useful knowledge from your post 먹튀검증

Anonymous (not verified) Says:
Thu, 04/18/2024 - 15:59

Nice to read your article! I am looking forward to sharing your adventures and experiences. SLIM GOTA FUNCIONA

스포츠무료중계 (not verified) Says:
Thu, 04/18/2024 - 14:14

Glad to chat your blog, I seem to be forward to more reliable articles and I think we all wish to thank so many good articles, blog to share with us 스포츠무료중계

Anonymous (not verified) Says:
Thu, 04/18/2024 - 13:35

We are the right place for you if you are looking for a reliable Domestic helper to reduce your never-ending house chores and save a lot of time. It is important to choose your domestic helper carefully.liv pure

Anonymous (not verified) Says:
Thu, 04/18/2024 - 13:08

I offer you competence, courtesy and passion. I have been supporting companies like yours for years to find together effective solutions that will make your business grow. eg, ngo consultancy

토토커뮤니티 (not verified) Says:
Thu, 04/18/2024 - 12:55

This specific is generally clearly basic and in addition exceptional truth alongside without a doubt reasonable and besides in fact valuable My business is 토토커뮤니티

스포츠중계 (not verified) Says:
Thu, 04/18/2024 - 12:33

New web site is looking good. Thanks for the great effort 스포츠중계

Anonymous (not verified) Says:
Thu, 04/18/2024 - 12:02

7No doubt this is an excellent post I got a lot of knowledge after reading good luck. Theme of blog is excellent there is almost everything to read, Brilliant post. Yoga Postnatal à Dubai

메이저사이트 (not verified) Says:
Thu, 04/18/2024 - 11:40

Amazing experience after visiting this site which is really full of information and someone have information for 메이저사이트

Anonymous (not verified) Says:
Thu, 04/18/2024 - 11:26

This is a great inspiring article.I am pretty much pleased with your good work.You put really very helpful information. Keep it up. Keep blogging. Looking to reading your next post. ae888.black

토토사이트추천 (not verified) Says:
Thu, 04/18/2024 - 11:08

i am for the first time here. I found this board and I in finding It truly helpful & it helped me out a lot. I hope to present something back and help others such as you helped me 토토사이트추천

Anonymous (not verified) Says:
Thu, 04/18/2024 - 10:57

I read a article under the same title some time ago, but this articles quality is much, much better. How you do this.. java burn

Anonymous (not verified) Says:
Thu, 04/18/2024 - 10:28

It is my first visit to your blog, and I am very impressed with the articles that you serve. Give adequate knowledge for me. Thank you for sharing useful material. I will be back for the more great post. lift detox black funciona

Anonymous (not verified) Says:
Thu, 04/18/2024 - 10:11

Thanks for the blog loaded with so many information. Stopping by your blog helped me to get what I was looking for. 9 pots of gold

Anonymous (not verified) Says:
Thu, 04/18/2024 - 09:47

KrogerFeedback may include questions related to COVID-19 safety measures and protocols.krogarfeedbackx100.com

카지노사이트 (not verified) Says:
Thu, 04/18/2024 - 08:58

Great knowledge, do anyone mind merely reference back to it 카지노사이트

바카라사이트 (not verified) Says:
Thu, 04/18/2024 - 08:54

New web site is looking good. Thanks for the great effort 바카라사이트

Anonymous (not verified) Says:
Thu, 04/18/2024 - 07:33

I’ve been surfing online more than 5 hours today, yet I never found any interesting article like yours without a doubt. It’s pretty worth enough for me. Thanks... quietum plus review

sa (not verified) Says:
Thu, 04/18/2024 - 07:17

Online slot gambling is an entertainment slot machine game that uses real money online to bet with online bookies on online sites. slot gacor

Anonymous (not verified) Says:
Thu, 04/18/2024 - 02:06

Acupuncture Cost Malaysia (not verified) Says:
Wed, 04/17/2024 - 18:33

Excellent blog! Thank you for the efforts you have put into writing this post. Acupuncture Cost Malaysia I hope the same best work from you in the future also. I thank you for this website. Thanks for sharing. Good website!

Anonymous (not verified) Says:
Wed, 04/17/2024 - 17:44

The benefits of mathematics tutoring extend far beyond improved grades. By providing students with the skills and confidence needed to tackle mathematical challenges independently, tutoring empowers them to become lifelong learners and critical thinkers. 數學補習老師

subhanakhtar (not verified) Says:
Wed, 04/17/2024 - 17:00

Dive into the world of Wordle and see if you have what it takes to guess the hidden word. Nyt wordle

Lingerie shop (not verified) Says:
Wed, 04/17/2024 - 16:59

Thanks so much for the blog article.Really thank you!

Anonymous (not verified) Says:
Wed, 04/17/2024 - 14:25

Great job here on _______ I read a lot of blog posts, but I never heard a topic like this. I Love this topic you made about the blogger's bucket list. Very resourceful. 157.230.241.45

Anonymous (not verified) Says:
Wed, 04/17/2024 - 14:21

99Math is an innovative online platform transforming math education through gamified challenges and collaborative problem-solving, enhancing students' critical

Anonymous (not verified) Says:
Wed, 04/17/2024 - 14:21

99Math is an innovative online platform transforming math education through gamified challenges and collaborative problem-solving, enhancing students' critical

Echter (not verified) Says:
Wed, 04/17/2024 - 13:20

https://xn--echterfhrerschein-82b.com/

https://comprarcarteirademotoristaonline.com/

https://vasaroljonjogositvanyt.com/

https://xn--kupitivozakudozvolu-4kc.com/

https://xn--koupitidiskprkaz-b0b9zm5c3m.com/

Anonymous (not verified) Says:
Wed, 04/17/2024 - 13:18

Very informative post! There is a lot of information here that can help any business get started with a successful social networking campaign. fignar gotas funciona

먹튀검증 (not verified) Says:
Wed, 04/17/2024 - 13:03

New web site is looking good. Thanks for the great effort 먹튀검증

Anonymous (not verified) Says:
Wed, 04/17/2024 - 12:17

I admire your piece of work, regards for all the interesting posts . mawartoto slot

Anonymous (not verified) Says:
Wed, 04/17/2024 - 11:57

I am happy to find this post Very useful for me, as it contains lot of information. I Always prefer to read The Quality and glad I found this thing in you post. Thanks ae888.haus

보증사이트 (not verified) Says:
Wed, 04/17/2024 - 11:41

Hello to every one, it’s genuinely a nice for me to pay a visit this 보증사이트

온라인카지노 (not verified) Says:
Wed, 04/17/2024 - 11:18

No matter what it is you are looking to move, we have the necessary tools to get the job done. Get your quotes now to see how we can help. 온라인카지노

jack (not verified) Says:
Wed, 04/17/2024 - 11:13

This is very significant, and yet necessary towards just click this unique backlink: Blog Comments

jack (not verified) Says:
Wed, 04/17/2024 - 11:07

It is somewhat fantastic, and yet check out the advice at this treat. <a href="https://www.upwork.com/services/product/marketing-an-seo-blog-comments-dofollow-high-quality-seo-backlinks-off-page-seo-1720188921229967360">Google</a>

먹튀검증 (not verified) Says:
Wed, 04/17/2024 - 11:06

This tutorial provides a reference manual for all the important built-in SQLite functions. 먹튀검증

바카라 커뮤니티 (not verified) Says:
Wed, 04/17/2024 - 10:55

little garage door troubleshooting can go a long way in maintaining your door’s build and functionality. Because of the quantity of cycles your garage door endures through daily use, garage door repairs and annual maintenance are commo 바카라 커뮤니티

Anonymous (not verified) Says:
Wed, 04/17/2024 - 10:00

Really a great addition. I have read this marvelous post. Thanks for sharing information about it. I really like that. Thanks so lot for your convene. TAU

바카라사이트추천 (not verified) Says:
Wed, 04/17/2024 - 09:03

Thanks for making the sincere attempt to explain this. I think very robust about knowledge 바카라사이트추천

Anonymous (not verified) Says:
Wed, 04/17/2024 - 08:03

I can objects this advice go over to two different types of humans: modern Microsoft zune masters which can be regarding an upgrade, and folks necessary . decide on from a Microsoft zune plus an apple ipod. (Additional casino players worth taking into consideration around the market, much The Walkman Times, yet unfortunately I’m hoping this you sufficient important information crank out ramifications , before final choice of their Microsoft zune vs . enthusiasts with the exception of ipod array , too.) Personal training kids and teens Longwood FL

sa (not verified) Says:
Wed, 04/17/2024 - 07:55

Buying GBL from us is easy and safe. You can order from the comfort of your home and receive your delivery discreetly packaged. gbl kaufen baumarkt

Anonymous (not verified) Says:
Wed, 04/17/2024 - 07:25

Thanks for the nice blog. It was very useful for me. I'm happy I found this blog. Thank you for sharing with us,I too always learn something new from your post. SDGS University

Anonymous (not verified) Says:
Wed, 04/17/2024 - 06:47

I am happy to find this post very useful for me, as it contains lot of information. I always prefer to read the quality content and this thing I found in you post. Thanks for sharing. Thomas Adewumi University

슬롯커뮤니티 (not verified) Says:
Wed, 04/17/2024 - 06:39

The the next occasion werent too busy in search of attention 슬롯커뮤니티

Commercial Building Design - Innovate Your Space (not verified) Says:
Tue, 04/16/2024 - 23:31

Elevate your business with our innovative commercial building designs, Make your offices, school, clinic and apartment designs for long-term success.
commercial building design
commercial building design ideas
office building design
school building design
commercial small office building design
dental clinic building design
modern small office building design

rtpkantorbola2 (not verified) Says:
Tue, 04/16/2024 - 21:31

kantor bola
Kantorbola adalah situs slot gacor terbaik di indonesia , kunjungi situs RTP kantor bola untuk mendapatkan informasi akurat slot dengan rtp diatas 95% . Kunjungi juga link alternatif kami di kantorbola77 dan kantorbola99 .

Post new comment

Your name: *

E-mail: *

The content of this field is kept private and will not be shown publicly.

Homepage:

Comment: *

Input format

Filtered HTML

Web page addresses and e-mail addresses turn into links automatically.
Allowed HTML tags: <a> <em> <strong> <cite> <code> <ul> <ol> <li> <dl> <dt> <dd><b><i><hr><img>
Lines and paragraphs break automatically.

Full HTML

Web page addresses and e-mail addresses turn into links automatically.
Lines and paragraphs break automatically.
You may use [block:module=delta] tags to display the contents of block delta for module module.

More information about formatting options

CAPTCHA

Please type the letters and numbers you see in the image to prevent automated spam submissions.

  _   _            _____        
 | | | |          |  ___|       
 | | | |_   _ __  |___ \    ___ 
 | | | __| | '__|     \ \  / _ \
 | | | |_  | |    /\__/ / |  __/
 |_|  \__| |_|    \____/   \___|

Enter the code above: *

Enter the code depicted in ASCII art style.

Transfer of Common Areas

Post new comment

Search

A.K. Property Services newsletter

Recent blog entries:

A.K. Property Services