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4. Condominium Ownership Management

The Condominium Ownership Management Act (“COMA”), in force  as of 1 May 2009, regulates the management of the common parts of the buildings, as well as the rights and obligations of the owners of and the residents in separated objects or parts thereof of the said buildings.

The COMA applies to the management of common parts of buildings under condominium ownership, i.e. in case floors or separate units (apartments, shops, restaurants, etc.) from buildings are owned by different owners.

There are two exceptions, in which the COMA shall not apply, namely: (i) in case of buildings under condominium ownership with up to three individual units, belonging to more than one owner, the general rules of the Property Act shall apply; and (ii) in case of buildings under condominium ownership in closed-type residential complexes as specified by COMA, the management of the common areas shall be agreed by written contract with notarised signatures, concluded between the investor and the owners of the individual units.

The COMA provides that the management of the common parts of the building may be performed either by the general assembly of the owners of separate units in the building or through an association of the owners.  Unlike the general assembly of owners, the association of owners is a legal entity, which shall be established in accordance with the procedures set out in the COMA.

For the purposes of maintenance of the common parts of a building a special “Repairs and Renewal” Fund should be created.  The general assembly of owners/the association of owners adopts a plan for performance of repair works, reconstructions, reorganizations and others in the building.  In case the competent authorities give instructions, related to such activities, the repair works, reconstructions, reorganizations or others should be complied with them.

By virtue of the COMA the municipal administrations shall create and maintain public registers of buildings or separate entrances under condominium ownership arrangements located on their territory.