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.

 

 

Anonymous (not verified) Says:
Sat, 09/30/2023 - 18:10

Spot lets start work on this write-up, I really think this fabulous website wants a great deal more consideration. I’ll oftimes be once more to learn to read much more, many thanks that information. rose toys for women

Sophia Seo (not verified) Says:
Sat, 09/30/2023 - 13:54

Thanks for sharing this information. I really like your blog post very much. You have really shared a informative and interesting blog post with people.. Dinobet

Anonymous (not verified) Says:
Sat, 09/30/2023 - 13:53

Keep up the good work , I read few posts on this web site and I conceive that your blog is very interesting and has sets of fantastic information. xnxubd 2020 frame rate

seo (not verified) Says:
Sat, 09/30/2023 - 13:20

dan promosi yang akan membuat pengalaman bermain Anda semakin menyenangkan. Valbet

seomaster (not verified) Says:
Sat, 09/30/2023 - 13:16

dan promosi yang akan membuat pengalaman bermain Anda semakin menyenangkan. Valbet

Anonymous (not verified) Says:
Sat, 09/30/2023 - 13:02

Best Color Prediction Game Based platforms promise to earn money quickly by allowing users to place bets and win good returns for predicting the right color Colour Prediction Game

Anonymous (not verified) Says:
Sat, 09/30/2023 - 12:26

I like the helpful info you provide in your articles. I’ll bookmark your blog and check again here frequently. I am quite sure I’ll learn a lot of new stuff right here! Best of luck for the next! Görüntülü Sohbet Operatörü

Anonymous (not verified) Says:
Sat, 09/30/2023 - 09:05

Kjøp ekte og registrert førerkort fra nettsiden vår uten å skrive eksamen eller ta praksisprøven. alt vi trenger er opplysningene dine, og de vil bli registrert i systemet innen de neste åtte dagene. kjøp førerkort belgia, kjøp førerkort belgia, kjøp førerkort i nederland, førerkort b belgia, kjøp førerkort med registrering.
kjøpe førerkort.
ostaa ajokortti.
buy anabolic steroid pills.
kjøp førerkort.
kop svenskt korkort.
blej patentë shoferi.
købe kørekort.
sig sauer p320 m17 .
kjop forerkort.
cumpara permis de conducere .
Kaufen Sie den Führerschein in Frankreich ohne Prüfung. Wir bieten absolut alle Führerscheinklassen in Deutschland, Österreich und der Schweiz an.

Anonymous (not verified) Says:
Sat, 09/30/2023 - 08:23

In recent years, Nike has also been at the forefront of sustainable shoe manufacturing. The "Space Hippie" collection, released in 2020, features shoes made from recycled materials, including recycled polyester and recycled foam נייק עודפים

SEO Enthusiast (not verified) Says:
Sat, 09/30/2023 - 07:43

I really appreciate the content you provide. Your posts are highly informative. I'm interested in sharing it with my friends. Your work here is truly commendable. Islamabad rent a car

Anonymous (not verified) Says:
Sat, 09/30/2023 - 06:32

Quickly and easily build your web traffic and PR, which provides Web site visitors to add your page to any social bookmarking website. ยุคหินเก่า

Anonymous (not verified) Says:
Sat, 09/30/2023 - 06:21

Cool article it's really. Friend on mine has long been awaiting just for this content. ระบบสุริยะของเรา

Anonymous (not verified) Says:
Fri, 09/29/2023 - 18:05

Regards for this post, I am a big fan of this website would like to go along updated.東京のインテリアコーディネート会社Praemio

Anonymous (not verified) Says:
Fri, 09/29/2023 - 16:04

This website and I conceive this internet site is really informative ! Keep on putting up!Best MEP Institute

MNJAS (not verified) Says:
Fri, 09/29/2023 - 11:10

Much obliged to you for this captivating post, I'm blissful I seen this site on Google. Not simply satisfied, truth be told, the entire site is fabulous. gclub888888

Anonymous M (not verified) Says:
Fri, 09/29/2023 - 06:51

Thanks for sharing. Also I just want to share few words about florida. Florida offers a wide range of activities and attractions for visitors and residents alike. Whether things to do in florida are interested in beautiful beaches, outdoor adventures, theme parks, or cultural experiences, there's something for everyone to enjoy in the Sunshine State.

Anonymous (not verified) Says:
Fri, 09/29/2023 - 06:36

I have recently started a blog, the info you provide on this site has helped me greatly. Thanks for all of your time & work
Pragma123

Anonymous (not verified) Says:
Fri, 09/29/2023 - 05:19

JiwaBola salah satu situs judi bola online resmi dan agen togel terpercaya serta slot game online terbaik di indonesia jiwabol.win

ivan (not verified) Says:
Fri, 09/29/2023 - 03:14

Hi colleagues, nice article and good arguments commented here, I am
genuinely enjoying by these.
vozačka dozvola
rijbewijs
rijbewijs
rijbewijs
Führerschein

leo (not verified) Says:
Fri, 09/29/2023 - 03:12

You’re so awesome! I don’t believe I have read a single thing like that before. So great to find someone with some original thoughts on this topic. Really.. thank you for starting this up. This website is something that is needed on the internet, someone with a little originality!
rijbewijs
Führerschein
permis de conduire
carteira de motorista
Führerschein

queen (not verified) Says:
Fri, 09/29/2023 - 03:11

Good luck to you and your work, good friend. It is really pleasing to see such posts these days when knowledge and sharing have lost their importance. rijbewijs

Anonymous (not verified) Says:
Thu, 09/28/2023 - 18:15

Excellent blog here! Additionally your web site rather a lot up fast! What host are you using? Can I get your affiliate hyperlink for your host? I wish my site loaded up as fast as yours lol. แซร์จินโย แด็สต์

Anonymous (not verified) Says:
Thu, 09/28/2023 - 15:04

You ought to join in a contest for starters of the highest quality blogs online. I will recommend this page! spinix

tv라이브 무료 (not verified) Says:
Thu, 09/28/2023 - 14:48

this is really nice to read..informative post is very good to read..thanks a lot! tv라이브 무료

스포츠중계 (not verified) Says:
Thu, 09/28/2023 - 14:23

hi was just seeing if you minded a comment. i like your website and the thme you picked is super. I will be back 스포츠중계

스포츠중계 (not verified) Says:
Thu, 09/28/2023 - 12:22

I think this is an edifying post and it is useful and capable. I am always searching online for articles that can help me. I truly believe these site requirements additional consideration. I favor which a great deal. 스포츠중계

kbl 분석 (not verified) Says:
Thu, 09/28/2023 - 12:20

Say, you got a nice article.Really looking forward to read more. Fantastic. kbl 분석

equity release with no mortgage (not verified) Says:
Thu, 09/28/2023 - 12:18

A very awesome blog post. We are really grateful for your blog post. You will find a lot of approaches after visiting your post equity release with no mortgage

축구중계 (not verified) Says:
Thu, 09/28/2023 - 11:46

Nice post. I loved 축구중계

실시간tv (not verified) Says:
Thu, 09/28/2023 - 11:22

Hello, you used to write magnificent, but the last several posts have been kinda boring… I miss your tremendous writings. Past several posts are just a little out of track! come on! 실시간tv

seo (not verified) Says:
Thu, 09/28/2023 - 09:22

Great things you’ve always shared with us. Just keep writing this kind of posts.The time which was wasted in traveling for tuition now it can be used for studies.Thanks Used Forklifts

Isabella (not verified) Says:
Thu, 09/28/2023 - 08:26

Rattling clean site, thankyou for this post. سحبة مزاج 5000

mubashir (not verified) Says:
Thu, 09/28/2023 - 08:20

Acknowledges for paper such a beneficial composition, I stumbled beside your blog besides decipher a limited announce. I want your technique of inscription... blog comments

betty0688 (not verified) Says:
Thu, 09/28/2023 - 06:22

Thankyou for sharing this comment and very nice to this comment so i have a some information Things to do in Bahamas
For the adventurous, consider a shark dive or snorkel experience with the opportunity to swim with nurse sharks.

Anonymous (not verified) Says:
Thu, 09/28/2023 - 05:47

This is such a great post, and was thinking much the same myself. Another great update. distance

Anonymous (not verified) Says:
Thu, 09/28/2023 - 05:17

I am continually looking online for articles that can facilitate me. Thank you! ไดจิ คามาดะ

Blackpods pro (not verified) Says:
Wed, 09/27/2023 - 17:47
Thanks for your time so much for your impressive and amazing guide. I will not be reluctant to endorse your web sites to any individual who should receive direction on this problem.

sam khan (not verified) Says:
Wed, 09/27/2023 - 17:39

Thanks for all your efforts that you have put in this. very interesting information. กานาโช

Anonymous (not verified) Says:
Wed, 09/27/2023 - 17:15

After study a few of the blog posts on your website now, and I truly like your way of blogging. I bookmarked it to my bookmark website list and will be checking back soon. Pls check out my web site as well and let me know what you think. เอกตอร์ เบเยริน

Anonymous (not verified) Says:
Wed, 09/27/2023 - 15:03

Wow that was odd. I just wrote an incredibly long comment but after I clicked submit my comment didn’t appear. Grrrr… well I’m not writing all that over again. Regardless, just wanted to say fantastic blog! les sites de paris sportifs

Computer Repair Services in Riverdale,GA (not verified) Says:
Wed, 09/27/2023 - 14:21

Computer Repair Services in Riverdale,GA

Computer Repair Services in Riverdale,GA

Apkmodget (not verified) Says:
Wed, 09/27/2023 - 14:21

Apkmodget.click is a Completely Best Free Website, Get you All Apps and Games here.

Apkmodget

jojo (not verified) Says:
Wed, 09/27/2023 - 13:44

I havent any word to see the worth in this post.....Really I'm amazed from this post....the person who make this post it was an uncommon human..thanks for granted this to us. ร้านเหล้าใกล้ฉัน

Hibbah (not verified) Says:
Wed, 09/27/2023 - 13:43

Goodness, What a Sublime post. I really found this to much informatics. It is what I was glancing through for.I should prescribe you that generously keep on sharing such kind of info.Thanks แป้งเด็กแรกเกิด

Anonymous (not verified) Says:
Wed, 09/27/2023 - 12:20

Thanks for the blog post buddy! Keep them coming... Doujindesu Apk

mrponce (not verified) Says:
Wed, 09/27/2023 - 12:19

agree to this..

Mr. Ponce (Carpet Cleaning Parramatta)

Anonymous (not verified) Says:
Wed, 09/27/2023 - 11:24

cleaning supplies should have earth friendly organic ingredients so that they do not harm the environment** สถิติของ ฌูเวา แฟลิกส์

Anonymous (not verified) Says:
Wed, 09/27/2023 - 11:24

cleaning supplies should have earth friendly organic ingredients so that they do not harm the environment** สถิติของ ฌูเวา แฟลิกส์

Anonymous (not verified) Says:
Wed, 09/27/2023 - 11:14

The subsequent time I read a blog, I hope that it doesnt disappoint me as a lot as this one. I imply, I do know it was my choice to learn, however I actually thought youd have something attention-grabbing to say. All I hear is a bunch of whining about something that you could repair in the event you werent too busy in search of attention. เลวานดอฟสกี้ อายุ

토토사이트 (not verified) Says:
Wed, 09/27/2023 - 10:38

I was taking a gander at some of your posts on this site and I consider this site is truly informational! Keep setting up. 토토사이트

Post new comment

The content of this field is kept private and will not be shown publicly.
CAPTCHA
Please type the letters and numbers you see in the image to prevent automated spam submissions.
  _                   _                    
| | | |
| |__ _ __ __| | __ __ __ __
| '_ \ | '_ \ / _` | \ \ /\ / / \ \ / /
| | | | | |_) | | (_| | \ V V / \ V /
|_| |_| | .__/ \__,_| \_/\_/ \_/
| |
|_|
Enter the code depicted in ASCII art style.