The Multi-Unit Development Act, 2011 has made sweeping changes to the law relating to management companies within apartment and multi-unit developments. The primary aim of the Act is to ensure that common areas within multi-unit development are handed over to the owners management company in a timely manner.
Such management companies are made up of the owners of the units or apartments within the developments and it is through these companies that the owners insure, maintain and repair the common areas within the development.
The Act also contains provisions on how the management companies are to be operated, including rules relating to the holding of annual general meetings, the calculation of service charges and the establishment of sinking funds for future repair works within the development.
Anyone seeking more information relating to owner management companies or the Multi-unit Development Act, 2011 should contact Martin Archer or Ken Hegarty.