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Questions and Answers
What is the purpose of the General Assembly?
What is the purpose of the property registry?
Who is responsible for the management of the co-ownership?
Who can be present at the General Assembly?
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What is the purpose of a dated statement?
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What type of General Assembly is held when all the co-owners are gathered?
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What is the purpose of the syndic?
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Who makes up the General Assembly?
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What is the purpose of the General Assembly?
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What type of General Assembly is held when there is an urgent need to take decisions?
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Study Notes
- The general assembly is the only time when all the co-owners are gathered to take different decisions concerning the functioning of the co-ownership.
- The GA decides in particular: of the annual provisional budget, of the necessary works within the co-ownership, deeds of acquisition or sale on behalf of the co-ownership, the underwriting of a group bank loan, the renewal or change of trustee, hiring of condominium staff.
- The general assembly is held in a place close to the building, all the co-owners are invited, those absent can delegate their right to vote to a proxy.
- There are several types of GA.
- Types of General Assembly: ordinary, transitional, urgent, and special.
- Who makes up the General Assembly? Each general meeting of a condominium is held by a bureau which is composed as follows: a session chairman, a secretary, scrutineers, and co-owners or representatives.
- The co-ownership is a legal entity that owns a building.
- The co-ownership has a syndic who is responsible for the management of the co-ownership.
- The co-ownership has a general assembly that votes on the budget and makes decisions on the life of the co-ownership.
- The co-ownership has a property registry that is updated every year.
- Before selling a property, the seller must provide information to the future buyer, which is handled by the syndic.
- A dated statement is created at the time of signature before the notary and it balances all the accounts of the seller.
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Description
Test your knowledge on the roles and decisions of co-ownership general assemblies, the types of general assemblies, the structure of the bureau, and the management of co-ownership including the responsibilities of the syndic. Also, learn about the legal requirements for property sales in a co-ownership.
