The introduction of the Multi-Unit Development Act 2011 has brought about a number of changes in relation to Management Companies. Management companies must be provided with independent legal representation and the cost of this must be borne by the developer.
We can provide you with advice on all matters relating to Management Companies and particularly in relation to matters which Management Companies will need to be advised on in order to comply with the new legislation including the following:
We have adapted a case management system that allows us to manage our debt collection matters as efficiently as possible. Find out more about our debt collection service.
The Property Services Regulation Act provided a statutory framework for the regulation of Auctioneers, Estate Agents, Letting Agents and Property Management Agents. This Act set up a new Property Services Regulation AuthorityThe principal role of the authority is to:
|Licence Class||Description of Property Service|
|A||The auction of property other than land|
|B||The purchase or sale, by whatever means, of land|
|C||The letting of land|
|D||Property Management Services|
Licence classes A, B and C replace the previous Auctioneers licence from July 2012.
The existing District Court based licensing system for auctioneers and house agents will be transferred to the Property Services Regulatory Authority. The Authority was given comprehensive investigative and enforcement functions and is responsible for establishing and administering a property services compensation fund.
A licence will last for 12 months at which point it must be renewed. A public register of all licensed PSPs will be published on the PSRA website.
All management agency businesses are required to hold a licence. All employees of that business etc are required to hold an individual licence. It is the responsibility of employers to ensure that any property service provider in their employment holds a current licence. There are certain exemptions from licensing for employees whose role is not involved directly in property service provision.
The Act provides that all contracts under property management agents and an owner’s management company must be in writing. A management agent is precluded from engaging with an owner’s management company without a detailed written contract. The minimum information to be included in a contract is set out in Schedule Two of the current Bill.
For more information on the above please contact Pauline Horkan at email@example.com
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