The importance of the Reserve Fund in jointly owned property
The importance of the Reserve Fund in jointly owned property admin
“The Real Estate Regulatory Authority (RERA) sets specific guidelines and legislation concerning the management of jointly owned properties in Dubai. Defined as ‘the whole or part of a building or land, divided into units intended for separate ownership’1, jointly owned properties include apartments, villas, and whole communities sharing common areas. The overall building or land is typically managed by a firm appointed by the Owners Association (OA) to administer and operate the day to day tasks of maintenance, security, cleaning, finance and the like. RERA requires the OA or the OA manager to set budgets and establish two separate funds; the general fund and the reserve fund, both contributed to by the owners through the service charge. Download Report
Craig has been advising clients on how to develop and maintain their buildings for over 18 years. Formerly the head building surveyor in an UK architectural practice and a qualified project manager and architectural technologist, Craig has a broad range of experience in directing construction teams as lead consultant through designing, procuring, managing and costing new build and alteration works to a consistently high standard. Craig studied a building surveying honours degree and gained qualifications while working in practice and was awarded the university medal for BSc honours student and the RICS dissertation prize. During this time, Craig developed further expertise in the management of large scale refurbishments and renovations of historic properties, including leading detailed measured and condition surveys and site quality control.
Craig’s experience also covers core building surveying instructions and project based work for high end commercial and domestic buildings, including many Category A / Grade 1 Listed properties and buildings of specific architectural importance and having also worked for NATO, he carries a DV STRAP security clearance. Craig has been in the UAE since 2013 and has built up an international client base and with his team has lead a large variety of project management and building surveying instructions, including residential and commercial towers, shopping malls, villa developments and several multi million value project audits.