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Letting
How much is required for a security deposit?
In general the required security deposit is the equivalent of one months rent. Some
property owners may require addition amounts for a security deposit. The security
deposit secures the property subject to landlord approval and reference checks.
How do tenants get their security deposit returned?
The deposit is refundable at the end of the lease. Money will be deducted from the
deposit to pay any outstanding utility bills and to repair any damage caused to
the property during the tenancy.
Who is responsible for utility bills?
The occupier i.e. the tenant of the property is responsible for paying these charges
Who can claim rent relief?
Tenants who pay income tax may be entitled to rent relief. We advise you to contact
the tax office to confirm your status with regard to tax relief.
Who is responsible for repairs to the property?
The repair clause will be outlined in the lease and it will detail who is responsible
for any repairs which may occur in a property.
Property Management
What is a Management Company?
It is important that all owners appreciate the necessity for a Management Company as part of the legal and day to day structure in multiple unit developments, such as apartment blocks, townhouses, office and commercial complexes.
All the common parts and services within any complex not belonging to, or the responsibility of a specific person, must be vested in a Body or Company. These common areas can be internal and/or external and/or structural.
Each owner is a member (or shareholder) in this Company. The Company has responsibilities to all the members to ensure that the common parts are maintained to a high standard for the enjoyment of all concerned.
The Company, which is in effect your own Company, is responsible for the maintenance and upkeep of all the open spaces and services relating thereto. (If it is an Apartment Block, the Company is also responsible for the upkeep and maintenance of the buildings). The full responsibilities of the Company are outlined in the Company's Memorandum and Articles of Association and in the Management Agreements attaching to the title documents.
Similarly, all the owners individually have a co-responsibility to the Company to perform certain obligations, set out in the Management Agreements, including payment of service charges etc.
So, you have a clearly defined situation where the Management Company has definite responsibilities to all it's members and the members, likewise, have definite responsibilities to their Management Company, and to each other.
The Company, like all limited companies, is managed by a Board of Directors or a Board of Management. At the very beginning, until all the units are sold in a development, the Board of Management normally comprises the developers and/or Solicitor or Solicitor's Staff.
When all the units are sold, the control of the Company is handed over to the owners themselves, who elect their own Board.
What are Managing Agents?
Managing Agents like Galway Property Management are employed by the Board of Management, where the Board does not wish to undertake full responsibility itself for the day to day management of the Company.
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The Managing Agents are not the Management Company – they are simply the servants of the Management Company. A good firm of Managing Agents will endeavour at all times to see that the Company honours it's obligations to the individual owners and the individual owners, in turn, honour their obligations to the Company and each other. If you have any queries whatsoever on the above, please don't hesitate to contact our office and we will do our best to assist you.