The co-ownership vocabulary can be difficult to comprehend and remember. Many players participate in the co-ownership management process. Thus, this article is here to help you understand the syndicate of co-ownership and the purpose of all the parties involved.
What Is a Syndicate of Co-ownership?
The syndicate of co-ownership is considered a legal entity. Its purpose is to preserve the property, to manage it in the interest of the community, and to see that the declaration of co-ownership is respected. The syndicate of co-ownership is mandatory when a property is a divided co-ownership. To learn more about divided co-ownerships, read our article on the subject.
The syndicate of co-ownership is made up of two parts: the general meeting of the co-owners and the board of directors. Their individual roles are dictated by the law and by the declaration of co-ownership.
What Is the Board of Directors?
The board of directors is elected by the co-owners and has responsibilities related to the property management. Generally, the board of directors must:
- Manage the entire co-ownership;
- Determine the annual budget and each co-owner’s contribution;
- Take out an insurance policy;
- Ensure the respect of the declaration of co-ownership;
- Convene the meeting of co-owners;
- Represent the syndicate.
The board of directors accomplishes many tasks, such as:
- The accounting of the income and expenses;
- The opening of bank accounts;
- The creation of maintenance contracts;
What Is the General Meeting of Co-owners?
The general meeting of co-owners sits in an advisory capacity. Thus, the meeting, which is made up of the co-owners, votes for and gives its opinion about certain decisions related to the property. For example, the meeting might vote for:
- The election of the directors;
- The establishment of the co-ownership fees;
- The establishment of the rules;
Hire a Professional Manager to Manage the Co-ownership
Since the syndicate of co-ownership has many responsibilities and duties, it might be necessary to delegate, entirely or partially, the management of the property. The co-ownership manager’s role is to implement the board of directors’ decisions.
Many co-ownerships have chosen to hire a professional co-ownership manager. Entrusting professionals with the management may be very profitable because of their specialized skills in this area.
Nonetheless, before you look for a manager, you must assess your needs. The syndicate must determine the tasks it wants to hand over and the amount of money the co-owners are prepared to pay for such services.
Be Well-Equipped to Manage Your Syndicate of Co-ownership
Still, other tools have been developed to help syndicates of co-ownership with their daily management. As we mentioned previously, many tasks must be accomplished to ensure the effective management of the property; therefore, getting management software might be wise.
Condo Expert, a web-based solution, is easy to use and allows you to manage and schedule your daily tasks. Thanks to its various sections and features, you can efficiently manage the syndicate and the accounting, and send and receive communications.
If you are curious, contact us or try our software now. For a 30-day free trial, click here: