The importance of the Reserve Fund in jointly owned property
“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.
31 Oct 2017 06:08:04