Setting up a community of owners is starting off on the right foot from the first moment, is the best method to avoid future problems.

Creating a community of owners is essential so that all the owners of a property establish a series of rules that guarantee safety, harmony and proper support of the property.

Not to constitute the community, among other things, each neighbor could modify the common elements of the property to their liking and due to this conflicts and bad coexistence could be common.

Next, we indicate step by step what must be done to carry out this procedure.

The most advisable thing is to hire the services of a property administrator who guides the community throughout the process and is in charge of processing everything necessary to make it legal..

We must indicate that to constitute a community of owners a large investment is not required. quite the opposite, a small amount of money will be needed to create a fund and with it proceed to pay the first procedures. Next, We will tell you a little about the procedure to follow to take this step.

Horizontal division deeds and community bylaws, if they exist.

In the horizontal division it can be seen if the community is pre-constituted and where the registration and cadastral data of the property in question can be verified., as well as the full name of all the owners that comprise it.

further, you can know exactly what the coefficient of each of the dwellings is, what is necessary to establish the amount that each owner will have to pay monthly as a fee for the adequate maintenance of the property.

All this reflected in the horizontal property law.

In case the building is only yours, you will not need the horizontal division, unless you want to segregate the dwellings or divide the floors into dwellings, for which you must go to a notary who will tell you how to proceed with this segregation and will advise you on all the steps to follow from then on. At NOVE our administrator can also help you with this procedure.

Community Constitution Board.

It is the first neighborhood meeting. It will lay the foundations to begin to function effectively as a community of neighbors. Important initial agreements are made at this meeting, such as: appointment of the administrative body, Acquisition and legalization of the minute book, reserve fund and bank account, statutes, obtaining the CIF and community insurance among others.

Purchase and legalization of the first minute book.

The minute book of a community of owners is a document that reflects all the agreements that are made at the meetings or meetings of owners.

For legalization, it must be presented at the property registry where the building is registered with a series of documents and the contribution of the corresponding fees..

CIF application for the community.

The CIF(Tax identification code) is a number by which a legal person can be recognized. In a community of owners, obtaining this number is essential to be able to carry out any operation with the Treasury or contract any service..

To carry out this procedure, you must go to the Tax Agency of your community and request it by completing the form 036 next to the record book.

Bank procedures.

Another important step is to open the community account. For this, requirements such as:: CIF, of the community, Minutes with the agreement and where it is reflected who will jointly represent the account. The rest is very simple since in the bank itself they offer the necessary guide.

You can get more information in our January post:

We hope that with this topic we have been able to dispel some doubts that the owners have.

Remember that at NOVE ADMINISTRACIONES we can help you with all these procedures without you having to lift a finger..

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