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Community of Owners: Quotas

Local 23BACK to the Community of Owners issue – I have received many queries relating to this topic – and this week I am referring to the quota (percentage of your property in the building).

The quotas are often called “mensualidad”, which are monthly payments, although they can be bi-monthly, or quarterly, according to the Statutes of the Community or the Internal Rules.

These are the fees paid by each proprietor to comply with the Community’s yearly budget.

When buying a Spanish property, you must check on what the Community is. If the property you buy is included within a building (with common areas, lifts, pools, gardens) you become owner simply of the apartment you bought, sharing a percentage (quota) of the whole building.

The Community comprises all the owners who participate with a quota (the sum of all quotas would be 100% on the building).

You need to know how much you have to pay because it could be a substantial, annual sum. You also need to know the Statutes of Community and also the Internal Rules which regulates rights and duties of all owners.

An important issue for a purchaser is to check that the property you are buying is fully up to date with its Community fees. Your quota is calculated on the percentage of the total space your property occupies.

The Community’s Administrator carries out this calculation using the official Horizontal Division Deed, which states the percentage of each apartment.

The Budget is the estimated costs for the coming year for the whole community. Monies collected are used to pay the Community costs (maintenance, electric and water bills, etc).

The quota is not only valid to determine the fee to be paid by each owner but also to determine the percentage of voting at the  Annual General Meeting.  Owners who have not paid their Community fees in full (debtors) cannot vote.

Mariano Zunino Siri is a registered lawyer in the Tenerife Bar Association since 1991. marianozuninosiri@gmail.com

Short URL: http://www.canarianweekly.com/?p=26466

Posted by on Jul 3 2015. Filed under Legal Matters. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.

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