Condo owners' associations for large properties
The project to establish a condominium owners' association for properties with separate units, which requires that the property be owned by more than four individuals, aims to organize the management, development, and maintenance of the common and subdivided parts of the property. The proposed plan envisions that the association will have an independent legal personality and financial liability, and will be responsible for managing and protecting the common areas. It also grants the right to establish independent entities to promote community responsibility and communication among owners. The association's resources will come from membership fees, investment returns, and donations. The system stipulates that the association will be dissolved if the number of owners drops below four or if the property is demolished. It details procedures for establishment, management of rights and maintenance, and emphasizes the importance of processes for transferring ownership, payment of maintenance fees, and restrictions on external modifications that could harm the property's appearance. Penalties will be imposed on violators.
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