Apartment management companies accounts availability online?

R

Redshoes

Registered User
Messages
71
Does anybody know where apartment management companies are registered on the internet?
Are they required to post their accounts for a particular apartment building they manage online. Are things transparent? Are the accounts detailed?
Before I buy an apartment I would like to know how the management fee is allocated. I'm particularly interested in the 'sinking' fund because the apartments I'm looking at are older and I don't want to be looking at a situation in the future where costly repairs need to be undertaken but there is no sinking fund (or not enough money in it). Thanks.
 
Things should be very transparent-they must file accounts with the CRO,
Hold AGM and with the MUD Act, get approval from members on the service charges and the sinking fund amount.
Find out the name of the management company and get a copy of the most recent accounts. As part of your due diligence you could seek to contact the directors of the the company.
 
Thanks for your reply Luternau.
Is is reasonable for me to request a copy of accounts before I put in a bid (that is assuming the apartment is not going to sell quickly, but stay on the market a few days or weeks)? Or are these accounts that you mention available online at CRO?
 
In my opinion, checking the soundness of the management company is vital when you are buying an apartment. It's pretty well the equivalent of a structural survey when buying a house.

It is common, when bidding on a house, to specify that the bid is "subject to survey". it is just as reasonable, when bidding on an apartment, to make a bid "subject to due diligence on the management company".
 
Padraigb said:
In my opinion, checking the soundness of the management company is vital when you are buying an apartment. It's pretty well the equivalent of a structural survey when buying a house.
Click to expand...

+ 1 from someone who got burnt once, and is now living in a 90 year old house with its own front door and roof!
 
You must log in or register to reply here.
Back
Top