Did you recently buy an apartment? You did not only become owner of your own property but also a co-owner of the building itself. The real estate trustee is the person in charge of the management of the co-ownership. What does his role entail and is his appointment legally required? Professional real estate trustee Syncura is happy to provide you more information.
What does the role of a real estate trustee entail?
The real estate trustee represents the association of co-owners (ACO) and is responsible for the management of the communal parts (lift, façade, roofing, garden, other collective installations, …) of the building.
The real estate trustee gives execution to the decisions taken during the meetings of the General Assembly. He takes care of the administrative, technical management and the accounting.
Who’s the real estate trustee?
The real estate trustee of a co-ownership may be a co-owner, but the number of voluntary trustees is falling. A real estate trustee must keep track of the ever-changing legislation and the most recent developments regarding the administrative, technical and financial management of a building.
In addition, he must have the appropriate social skills to act as a mediator between co-owners if necessary. For these reasons, associations of co-ownership often call upon professional, external real estate trustees, certified by the BIV/IPI (Institute of Professional Real Estate Agents).
Is the appointment of a real estate trustee legally required?
Yes, if a building contains two or more plots (apartments, offices, garage, shops) owned by different people and therefore co-ownership exists, the appointment of a real estate trustee is required. The association of co-owners needs to appoint the real estate trustee.
In the case of a smaller building, which requires a simpler management and limited maintenance, owners may decide to not appoint a real estate trustee. Each owner reserves the right to propose the appointment of a real estate trustee.
How to appoint a real estate trustee?
In most cases the trustee is appointed by the general assembly, for a term limited to 3 years. The general assembly may renew his term but can also dismiss the real estate trustee at any time.
The real estate trustee may also be appointed through a stipulation in the Internal Rules of procedure. This will mainly happen in the case of newly constructed buildings. The real estate trustee is than chosen by the promotor or project developer of the new apartment building.
In this way, the real estate trustee relieves the property developer of all possible worries associated with the start-up of a project and is responsible for the organization of the first meeting of the General Assembly. He also advices and supports the co-owners at the start of the co-ownership. The mandate of the trustee ends at the first meeting of the General Assembly. The association of co-owners may reappoint the trustee during this meeting.
Do you want to obtain more information or to request a free non-binding quotation of professional real estate trustee Syncura? Go to www.syncura.be or send us an e-mail at email@example.com.