There are advantages in investing in properties. However, to ensure that you are getting the best out of your investment, your assets should be properly taken care of and maintained. This is why the Strata Law was released in 2007, which is about property division and also jointly owned properties. These are all managed by Owners’ Association.
Because of some legal matters that are involved in this, real estate lawyers are called for by investors. As a firm that holds a property lawyer in Dubai, we can share some ideas with regard to this.
The responsibilities of the Owners’ Association are quite huge. The importance of their role will be discussed below.
What is Owners’ Association
This organization is a legal entity that is composed of the owners of properties, flats, condominiums, and such.The people who buy properties essentially mean that they become a part of the organization.
Being part of the Owners’ Association means that there should be an annual payment that will be given for the service and maintenanceof the community and the building’s common areas. With this, you can be sure that what you have invested will be given back to you as you get the most out of it.
Responsibilities of Owners’ Association
As mentioned above, the Owners’ Association does not have an easy job to do sine they take care of everything from the moment an investor purchases a property. It is not just one property that they take care of but every single one that is included in the scope of the area.
The list of their responsibilities is stated below, but it is not limited to those. More often than not, they do more than the ones below. All in all, the Owners Association’s responsibility are as follows:
- It is their job to preserve and maintain the properties.
- They need to manage the properties for the owners.
- They are responsible of the administration of the properties.
- It is part of their job to provide the services and security needed for the properties.
- They will be the ones to enforce the rules and regulations and impose fines as well for those who go against the them
- They engage with the concerned authorities
- It is them who deal with the issues and problems that arise
Property Lawyer in Dubai
Even with a clear agreement, there can still be problems that can arise between the investors and the Owners’ Association. There can be issues about the maintenance, the building itself, or some other aspects wherein the Owners’ Association is responsible. This is why real estate lawyers are available to be reached by investors to ensure that proper agreement is set in place before any signing of contract happens.
HHS Lawyers and Legal Consultants is one of the leading firms that has a team of lawyers that can help you from the moment you want to invest and all throughout of it.