If you own a Cyprus property within a complex, you will already have heard of the resident’s committee and the AGM. Under the rules governing resident’s management committees in Cyprus, there is a need to give notice off and to hold an AGM (annual general meeting). At the first of these official meetings, the committee will elect participating individuals such as a secretary, chairperson, and other officers. It is worth noting that every communal building (or complex of buildings) is compelled to form such a committee and elect members to carry out the committees wishes concerning communal management matters.
Working within the remit of the immovable property laws of Cyprus
Every management committee is governed by the immovable property laws of Cyprus and should have access to a Cyprus lawyer. It falls within the committees remit to control, administer, and operate all matters appertaining to communal areas, facilities, and utilities. It is also bound to call a yearly AGM to review its practices, appoint or renew officers, and take feedback from residents on the complex. The rules governing how such committees operate also take account of how budgets are handled and the use of a dedicated bank account in the name of the committee.
Keeping the books in order
Apart from reaching decisions about how the communal matters should be dealt with, the committee is also responsible for keeping accurate records (minutes) of every general meeting that is conducted. Budgets are proposed and accounts are also produced for scrutiny and suggestions from those present at the AGM. Any decisions or suggestions related to how the matters that fall within the committee’s remit are conducted have to be voted on. The required majority to pass a motion is 51% and there is a minimum required attendance for the meeting to be legally recognised (a quorum) made up of those who are entitled to vote.
A tangible entity
Communal management committees are a recognised entity under Cyprus law and under this remit, they are considered culpable in respect of having both the ability to sue and be sued. This has been the biggest single step forward in respect of residents committees having the power to pursue outstanding and current communal fees. Once the fees have been “voted in” by the AGM they are enforceable and all the owners on the complex are equally liable for their agreed portion of the cost.
Ensuring that your committee operates smoothly
In the final analysis, the main function of residents committees here in Cyprus is to effectively manage matters appertaining to the management and payment of communal fees. While this may sound obvious, it is important to keep this aspect in mind to avoid wasting time on the minor political wrangles that so often surface at gatherings of people that live in close proximity of one another. Utilising the services of an experienced Cyprus property management company that already manages numerous communal assets on behalf of such committees could prove to be an astute move.
How a property management company can help a residents committee from the outset
A professional Cyprus property management company that offers specialist communal management services can be an invaluable asset to any complex that is either setting up a residents committee or already operates one. Such a company will be able to provide advice on the best path to take when forming the committee and will also have access to a specialist lawyer to both oversee the formation and advise in an on-going capacity. Such lawyers are also familiar with the means used to compel historically poor payers to make good on their current and outstanding communal fees.
Choosing to partner with the experts
Unless you really do want to take on a huge amount of administrative responsibility on top of the demands of your resident’s committee and AGMs, you could do much worse than partnering with a management company. Such an organisation is able to provide flexible packages to suit the unique needs of your specific committee and complex. From the initial set up and formative AGM to banking, budgeting, and supplying the actual nuts and bolts of communal maintenance management, they will be expert in every aspect of complex administration.
If you want to make sure that your Cyprus complex residents committee and your AGMs run smoothly you need to talk to the property manage management professionals. Contact those property management experts now and take the first step towards saving valuable time and money!
