Owners’ Duties
Section 9 rules them in detail. The main duty will be, of course, to contribute to the maintenance and financial upkeep of the Community of Owners.
Failure to pay the community fees will result in the Community of Owners placing a lien against your property and possibly auctioning it off. This legal procedure in Spain works surprisingly efficiently. You have been warned!
This important article mentions as well the endowment of the
Communities mandatory reserve fund, in accordance to each owner’s commonhold quota. The purpose of this fund is to create a financial pool for the maintenance and repair of the building i.e. faƧade’s flaked painting or lift repair work. This reserve fund shall be endowed with an amount not lower than five percent of its last ordinary budget. Its funds will be used as well to pay for the building’s insurance cover.
Art 9.f)
f) to contribute, according to their respective assessment quota, to the endowment of the
reserve fund that shall exist in the property owners’ community for the maintenance and repair of the building.
The reserve fund, which shall belong to the community to all effects, shall be endowed with an amount
not lower than five percent of its last ordinary budget.
This fund may be used by the community to subscribe an
insurance policy covering damages in the building or, alternatively, to subscribe a contract for permanent maintenance of the building and its general installations;
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