Do you really know what a property manager(“syndic”) is and do you perfectly understand its role? When you make your first real estate purchase in Luxembourg, if you opt for an apartment in a building (and it is even sometimes the case for a house), you become a co-owner in a condominium. In this context, you need to anticipate a few things. Here is some information to help you better understand how the property manager can interfere with your life as an owner.
The Missions of a Property Manager: Representation and Management
Very concretely, the property manager acts as a body representing all the ownersin order to simplify the management of a co-ownership. Before finalizing your purchase of a property in Luxembourg, you must know this contact person who allocates expenses and verifies compliance with the decisions affecting the daily lives of the occupants (works, internal regulations, etc.).
It is important to know, when you want to invest in real estate in Luxembourg, that the property manager is mandated by the condominium syndicateat a General Assembly. It works to best protect each owner, while also ensuring that the building is secure and safe from any damage (by carrying out the necessary work and repairs, if necessary).
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On a daily basis, the property manager ensures that the co-ownership regulations are duly respected by all parties, but also verifies that the decisions taken at the general meeting are perfectly followed. In addition, he or she must organize the financial and administrative management (accounting, correspondence, etc.) of the residence.
Difference Between the Property Council and the Property Manager
When you are planning a property purchase in Luxembourg, you can apply to become a member of the building’s property council(“conseil syndical”). This makes you more involved in the life of the condominium as your point of view is requested whenever questions arise regarding the management of the building (need for work, definition of common rules, nuisances and well-being of all, etc.).
This is a different role from the property manager (“syndic de copropriété”) who is an external interlocutordealing with very technical aspects such as budget and accounting management, controls to ensure that all laws are respected (in terms of security, for example), etc. At the same time, the latter is in charge of accompanying the co-owners so that they choose the best contractors to carry out the necessary works, and to order and monitor these works.
“He is in charge of accompanying the co-owners so that they choose the best contractors to carry out the necessary works.”
A true partner of the co-owners on a daily basis, the property manager can organize visits with very specific objectives and then produce a report. In addition, he is the one who can contact the various competent insurances in the event of a problem(damage to works, multi-risk co-ownership, among others).
Decision-Making and Responsibilities: Who Holds the Power
When a decision has to be taken regarding the building, the general meeting of co-ownersis convened. These are the ones who exchange and agree on the works and all the decisions that impact the occupants. Thereafter, the role of the property manager is only controlling: he ensures that each decision taken is perfectly executed, according to the terms provided by the various parties.
If the property manager organizes the works and proposes estimates to the owners, it is always the latter who remain free to validate – or not – the launching of the works.