Q: How is the management of a complex regulated? What do I need to be aware of? [Condominium Act etc]
The Bulgarian Condominium Management Act (“CMA”) is a statute which regulates relations between owners in a development. The owners may have also approved a governing document which further fleshes out the way in which the running of the development is organised.
By law, the owners of units in a property development can use the common areas of the development and share in their management. Each owner has a right to enjoy his property without interference from the others.
According to art. 6 CMA, owners must also:
- not cause damage to other properties within the development and common areas;
- avoid causing more than minimal inconvenience to other owners or occupants;
- not tamper with any part of the development (whether buildings, shared areas, etc.) intended for general use;
- comply with the resolutions of the governing bodies of the development;
- cover the cost of repairs, reconstruction and renovation of the common parts, its facilities and equipment, and contribute to a fund for the "repair and improvement" of the development, in proportion to their share of the commonhold;
- bear the cost of the management and maintenance of common parts;
- comply with health and safety regulations and standards of hygiene;
- provide access to their own property or parts thereof, if necessary for the investigation of, design and planning of, or conduct of repairs, renovations etc, as above.
Typically, the General Assembly of Commonhold Owners chooses a Manager (which in larger developments may be a maintenance company co-owned by all unit owners or set up as a business), such Manager running the day-to-day affairs of the development.
Logica plc, now part of CGI, a consultancy & outsourcing business
NBLO has provided broad support to Logica’s CEE regional head office, including on the validity of certain commercial agreements and proposed agreements and on effecting various company secretarial actions. Our commercial work for this client is representative of our time-sensitive non-contentious practice. The firm’s emphasis on an integrated cross-jurisdictional approach and dual-qualified staff have also proven valuable in dealing with the need for valid certification by senior UK-based directors and the resignation of other UK-based individual directors who were no longer available and/or willing to execute documentation.
© New Balkans Law Office 2017