As the owner of a property in an OMC, what am I responsible for?
When you buy a unit in a multi-unit development, you become a member of the OMC. This happens on its own, indicating that you have legal rights and obligations.
When you buy a house, your solicitor will get a copy of your membership or share certificate. This is an important legal document that verifies your status as a unit owner in the OMC.
As a member of the OMC, you have a say in how the common areas are managed. You will be involved in the management of the OMC if you are chosen as a Director.
As a member of an OMC, you have several responsibilities, including:
– To pay Management Fees
– To contribute to the Sinking Fund
– To be bound by the House Rules