Property Manager & Co-ownership
Property Manager Glossary: all co-ownership terms explained
Are you looking for the meaning of terms such as Property Manager, Owners Association, deed of co-ownership, reserve fund or general meeting? In this glossary, you will find a clear overview of the most important concepts in the world of co-ownership. Whether you are a co-owner, live in an apartment, or are a member of an Owners Association (Owners Association), here you will discover in plain language what each term means and why it is important.
Organization of the co-ownership
Who does what within an apartment building? On this page, we explain the most important functions and roles within a co-ownership, such as the Property Manager, the Owners Association, the Council of Co-ownership, and the Auditor.
General Meeting & voting
The General Meeting is the most important decision-making moment within an Owners Association. Here, the budget, maintenance works, and important investments are approved.
Legal documents & regulations
Every co-ownership is based on a number of important legal documents and statutory rules. These include the deed of co-ownership, the Co-ownership Regulations, the Internal Rules, and the co-ownership law.
Property & common parts
Which parts of an apartment building are private and which are common? How are costs divided and what do quotas or thousandths mean?
Accounting & finances
Proper financial operation is essential for every Owners Association. Concepts such as reserve fund, working capital, annual accounts, settlement, and common costs therefore recur regularly.
Insurance & damage
Damage to an apartment building can have various causes, such as fire, storm, or a water leak. Therefore, good insurance is indispensable for both the Owners Association and the individual owner.
Maintenance & renovation
An apartment building requires regular maintenance and sometimes larger renovation works. Think of roofing works, facade renovation, elevator modernization, or entering into a maintenance contract.
Technology & sustainability
Energy performance, technical installations, and sustainability play an increasingly important role within apartment buildings. Concepts such as EPC, EPC Common Parts, asbestos certificate, and collective heating systems are therefore discussed more and more frequently.