Owners Association Management
Reliance Owners Association Management is a special skills group and an associate of Reliance FM. It is dedicated to the provision of advice, solutions, help and support for Community Associations and Strata Management. We have been managing freehold properties for last 8 years in Dubai before the enactment of the new laws. The services provided in this segment have made us operationally sound in all aspects of Strata Management such as legal, financial, technical and administrative.
What is the Owners Association?
The Owners Association is a non-profit establishment, is a separate legal entity from its members and has the right to sue and be sued. The Owners Association is responsible for the management, monitoring and maintenance of common areas within Jointly Owned Property and each unit owner is a member of the Owners Association.
When is the Owners Association formed?
The Owners Association is legally formed or established upon issuance of the first title deed for a unit within the Jointly Owned Property by the Land Department, and in accordance with the regulations, the Owners Association must be registered with RERA.
How is the Owners Association managed?
The Owners Association is managed by the board members of the Association who are elected by all owners of units within the Jointly Owned Property as registered with RERA. The board is composed of not less than 5 members and no more than 7 members along with three members of the reserve and the board elect the chairman. The board will be responsible for managing the affairs of the Owners Association, either by appointing an association manager who is either:
- An individual who is an owner of an unit within the Jointly Owned Property and who has been granted permission by RERA to manage the Owners Association; OR
- Contracted with an Owner Association management company which is registered and licensed with the Real Estate Regulatory Agency.
What is service charge?
The service charge is the annual fee approved by the Owner Association which represents the cost of managing and maintaining the common areas in Jointly Owned Property to ensure the continuity and quality, and is divided into two parts:
General Fund, comprising expenses relating to:
- Service and maintenance fees, as calculated by licensed service providers via contracts;
- Utilities fees, such as electricity, water and air-conditioning charges;
- Management fee;
- Insurance fees; and
- Master community fees, if the jointly owned property forms part of a master community.
- Reserve Fund, comprising expenditure relating to long term maintenance.
Owners Association Establishment
- Assist legal consultants with the drafting of management agreements, declarations and OA community rules.
- Assisting with the establishment of the Owners Association and election of the Board.
- Preparation of Service Charge reviews and budgets.
- Establish Owners Association trust accounts and implement financial management arrangements.
- Determination of Key Performance Indicators for Building Management and Facilities Management Agreements.
- Preparing and distributing correspondence and records related to the General Assembly.
- Convening General Assembly and arranging Board Meeting(s) to follow.
- Producing meeting records and Board documentation to meet with RERA requirements.
- Producing strategies and processes in relation to the management of the community.
- Providing education material to Board Members ensuring they are aware of their obligations.
- Liaising with the Board to ensure understanding of the Budget and Service Charges.
Financial Management Services
- Opening, operating and reconciling a trust account in the name of Owners Association,including the collection and banking of owners maintenance payments and other receipts into this bank account.
- Preparation of annual service charge budgets.
- Establish and maintain General and Reserve Funds.
- Collect and deposit service charge contributions.
- Monitor service charge in arrears and implement collection.
- Process and pay invoices for work carried out on behalf of the owners association.
- Compile and maintain all accounting records.
- Accounting for and reporting on all technical, administrative,financial and regulatory matters.
- Prepare and present quarterly financial budgets and statements.
- Arrange annual financial audits.
Administration & Secretarial Services
- Development of long term management strategies for the Jointly Owned Property.
- Maintain and store all records, accounts and registers required by Law.
- Obtaining and renewing licenses and attending to Government registration processes on behalf of the Owners Association.
- Issue service charge levy notices.
- Collection of service charge payments for the Owners Association.
- Prepare agendas and notices of all meetings (Board Meetings, Annual General Meeting, Extraordinary General Meeting).
- Convene, hold and attend all meetings as necessary.
- Prepare and dispatch minutes of meetings.
- Attend to and resolve disputes within the Jointly Owned Property.
- Co-ordinate the addition and/or amendments to the Association Community Rules.
- Community Rules enforcement.
- Communicating complaints & requests from owners in relation to common property areas.
- Liaise with the appropriate authorities (government, semi-government, specialist practitioners).
- Arrange valuations and quotes for insurance.
- Arrange all statutory insurances to be kept current.
- Renew insurances.
- Prepare and lodge insurance claims.
Asset Management & Facilities Management Contract Supervision
- Facilities management contract procurement and service level supervision.
- Prepare,implement and coordinate a preventative maintenance program.
- Arrange scope of works for all trades people and specialists.
- Arrange quotations for all services and remedial work.
- Arrange and coordinate repairs and maintenance.
- Engage and supervise trades people and specialists.
- Supervise repairs and warranty claims in relation to common areas.
- Fire safety compliance.
- EHS compliance.