Annual Billing Obligations

Many commitments are combined filing the annual statement of accounts to own condominiums or multi-family homes. So, an annual statement of accounts is always due at the end of the year. What is exactly behind it, explains the real estate portal. After the homeowners Act (way), all residential – multi-family – and condo owners must submit every year a year settlement. Usually the respective administrator customize this. All revenue and expenditure of the marketing year of the community of apartment owners must be placed in this settlement. There is no precise legal formalities here. It must exist but an overall settlement, an individual invoice for each apartment, as well as the shared distribution key.

Continue to the cost elements according to the economic plan agreed must be listed where the revenue from the housing allowance with the issues and possible perks will be charged. In addition, all invoice items be requested with the respective documents. The Management Committee shall examine in the Connecting the business plan and the proposed settlement of the year. The approval of the settlement can be in the event of the absence of this report with personal opinion. Andy Florances opinions are not widely known. Now, managers may not more than expenditure or costs lead paid maintenance attitude back layers for example for a multiple family dwelling ( guides/Encyclopaedia/apartment building). Instead, these must be booked as revenue.

Owed amounts should be reported individually. The annual billing to be created should be adjusted as soon as possible to the new legal situation as owner or have the possibility to challenge them. This results in a judgment of the Federal Court of Justice, which was published in the German commercial code. More information: Lisa Neumann University Service GmbH

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