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Condominium - setting up

Condominium - setting up

Old Jun 16th 2008, 11:09 am
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Default Condominium - setting up

Can anyone point me in the right direction for advice on setting up a condominium. We have a condo company but there is some confusion about opening a bank account to manage the finances. Whose responsibility is it and in whose name should the account be?
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Old Jun 18th 2008, 8:17 am
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Default Re: Condominium - setting up

Wot, don't nobody know nuffink about this? I am disappointed.
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Old Jun 18th 2008, 9:28 am
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Default Re: Condominium - setting up

Originally Posted by TaviraTrog
Can anyone point me in the right direction for advice on setting up a condominium. We have a condo company but there is some confusion about opening a bank account to manage the finances. Whose responsibility is it and in whose name should the account be?
I only have experience of similar thing in the UK. A limited company was set up with a bank account in the company name, any two directors to sign cheques. Hope this is of some help.
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Old Jun 18th 2008, 11:05 am
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Default Re: Condominium - setting up

The condo company should do all this for you, thats what you pay them for. Presumably you do pay them? The condo company I use just take the money from me each month, the first month was a bit more as they had to do extra admin. Each time you pay you should get a receipt.
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Old Jun 18th 2008, 3:47 pm
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Default Re: Condominium - setting up

Originally Posted by Joao
The condo company should do all this for you, thats what you pay them for. Presumably you do pay them? The condo company I use just take the money from me each month, the first month was a bit more as they had to do extra admin. Each time you pay you should get a receipt.
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Thought that might be the case so am wondering if our condo company knows what they are doing as I was asked to be a signatory to the account and now they want me to open it. I'm told this could have repurcussions for me tax-wise.
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Old Jun 18th 2008, 5:52 pm
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Default Re: Condominium - setting up

The only think you should sign is the agreement you have with the condo company regarding the price and what they will do in the way of cleaning and extras in the apartment general areas
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Old Jun 18th 2008, 6:06 pm
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Default Re: Condominium - setting up

I only pay my condo Maintenenace for the comunal areas to the condo.

I hire my own private property manager for all else.

She costs very little and does a better job.
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Old Aug 9th 2008, 8:33 pm
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Default Re: Condominium - setting up

Originally Posted by TaviraTrog
Wot, don't nobody know nuffink about this? I am disappointed.
Condomminimum is the smaller version.
Ah sorry you mean condominium.Nope dunno.

Last edited by sagalaut; Aug 9th 2008 at 9:03 pm.
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