Buying And Living in a Multi-Unit Development Property in Ireland
Introduction
This Guide supplements the National Consumer Agency information booklet 'Property Management Companies and You' by providing more comprehensive information on some of the key aspects of multi-unit development living and management company administration. The primary aim of this Guide is to help consumers better understand their rights and responsibilities when buying and living in multiunit developments.
Please note the NCA does not have a legislative or regulatory function in this area. Unless the consumer complaint is in relation to a breach of consumer law the Agency is not in a position to intervene and advise on individual property matters. In summary, the Guide is structured as follows:
Section 1 & 2
Introduce and highlight some of the key terms and concepts which may arise when buying into a multi-unit development and provides an outline of some of the key legal terms and issues in relation to buying a unit;
Sections 3 - 6
Outline the principle issues involved in living in a multi-unit development; management companies, service charges, sinking funds, managing agents and house rules;
Sections 7 & 8
Outline some of the key functions of developers, their role and the issue of property snagging;
Sections 9 - 13
Outline the role, responsibilities and administration of management companies, particularly in relation to their obligations under company law;
Sections 14 & 15
Set out some issues which management companies should have regard to in terms of the administration of their budgets and banking arrangements;
Sections 16 & 17
Provide information on insurance and fire safety and set out related considerations for management companies and persons living in multi-unit developments. There are also 4 appendices which set out contact details for State bodies, a glossary of key terms and a code of practice for developers who are members of the Irish Home Builders Association and documents to facilitate the administration of management companies.