New Condominium Act Designed to Better Protect Buyers
The first major change to the Condominium Act (4 July 2008) requires that on completion of the project, the developer submits its brochure(s) and other promotional material to the juristic person-the legal entity set up to manage the project on completion, to ensure that the development is up to the claims as advertised. Developers must also provide an office for the juristic person and must create separate entrances for commercial premises for shops in the building so as not to disturb residents. In addition, developers are required to specify exits to the main road from the site. In regard to voting rights, the Act’s amendment means that a representative can cast a vote on behalf of a maximum of three units. The Act will also include clarification that for unsold units, the developers themselves would be responsible for paying monthly maintenance fees relating to common areas.
