Understanding the syndic of co-ownership before buying in Luxembourg!
To what extent have you studied the syndic of co-ownership and mastered its function? In Luxembourg, if you buy a building (or even some houses), you automatically become a co-owner in a complex when you make your first real estate purchase. This means that certain things require anticipation. Take a look at the resources below to learn more about the syndic's role in your life.
The responsibilities of a syndic of co-owners include both representation and management
In order to streamline the administration of a shared property, the syndicate of co-owners steps in as a representative body for all of the owners. You should be familiar with this individual before finalizing the purchase of a property in Luxembourg. This person allocates funds and ensures that decisions that affect the tenants' daily lives are followed (works, internal regulations, etc.).
Real estate investors in Luxembourg would do well to keep in mind that the syndic is appointed by the co-owners at a General Assembly. He does what he can to safeguard the property for all of the owners, and he takes that responsibility seriously (by implementing the necessary work and repairs, if necessary).
"Efforts are made to safeguard the building and its occupants from deterioration while protecting the rights of individual owners to the greatest extent possible”.
Every day, the syndic of co-owners checks to make sure that everyone is adhering to the co-ownership rules and that the decisions made at the annual general meeting are being strictly adhered to. In addition, he is responsible for overseeing the home's accounting and general administration (mail, etc.).
Can you explain the role of the syndicate council and how it differs from that of the syndic of co-ownership?
Planning to purchase a home in Luxembourg? Join the building's union council first. This allows you to participate in the daily operations of the business you co-own. That's why you're so valuable to have around when issues arise and need to be seen from your perspective (need for works, definition of common rules, nuisances and well-being of all, etc.).
However, the syndic of co-ownership is an external interlocutor who handles technical matters like budget and accounting management, law compliance checks (in areas like safety), etc. In addition, he is accountable for assisting the co-owners in selecting reliable service providers to complete the required tasks, placing orders, and keeping tabs on the sites.
"When the co-owners go out to find workers, he's supposed to tag along to make sure they hire the most qualified people for the job”.
The syndic, as a true daily partner of the co-owners, can arrange visits with specific goals in mind and then report back. In the event of an issue, he can also make a claim on any number of appropriate insurance policies (damage to work, multi-risk co-ownership, among others).
Who has the authority to make choices and carry out duties?
The building's general meeting of co-owners is called whenever major decisions need to be made. All decisions that will have an effect on the occupants are discussed and agreed upon by this group. After that, the syndicate's job is still one of control; he sees to it that all decisions are carried out exactly as planned by the various groups.