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Legal Considerations

Legal aspects and regulations:

 
Many owners in Bulgaria may not be aware that changes to the law in May 2009 gives them a choice of how the complex on which they own a property is maintained & managed.


The Condominium Ownership Management Act 2009 now means that owners now have a choice in the way their complex is managed and who manages it for them. There are certain rules & regulations which must be followed by the owners to make the process legal & fair to all.


•    A meeting must be called by at least one owner. However a fifth of all owners must agree to the meeting before it can go ahead.


•    All owners must be formally invited to attend the meeting & this must include an agenda so that it’s clear what the meeting is about. This can      be called with a minimum of 3 days notice.

•    As many owners do not reside in their apartment & are unable to attend they can ask another owner to represent them. However each              individual owner may represent a maximum of 3 others (a power of attorney may be required)

•    A minimum of 67% of owners, or their representatives, need to be present for the meeting to go ahead. If 67% are not present, owners will       have to wait one hour and then the meeting can proceed with the existing number.


•    Each item is raised & voted on with a majority vote of 51% passing the item.


•    If the owners pass the item & decide to go ahead with a new maintenance company they need to form a committee via an election process.

The committee must contain an odd number of persons in excess of 1
When this has been done the committee can then proceed in choosing a company or individual to maintain their complex.
The committee chairman will sign a POA in the name of all owners so the management company to manage the complex as agreed per contract.

 

For further information please contact our office or see more here:  http://www.hg.org/article.asp?id=19614

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+359 899 178 644

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