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The OMC
The OMC
The Management Company
All the common areas within any residential multi-unit development are vested in an Owners Management Company, (“OMC”). These common areas and related services can be internal and/or external and/or structural.
Each owner is a member (or shareholder) in the Owners Management Company. The OMC 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 OMC, which is in effect the Owners own Company, and is responsible for the maintenance and upkeep of all open spaces, common areas and management services relating thereto. If the OMC is an apartment block, or any other type of multi-unit building, the OMC is also responsible for the upkeep and maintenance of the block / buildings.
The full responsibilities of the OMC are outlined in the OMC's Memorandum and Articles of Association and the Multi Unit Developments Act 2011.
All OMC's are governed by The Multi Units Developments Act 2011.
Within the Act, there are clearly defined rules how every OMC should be governed; Service Charge Budgets, the formation of a Sinking Fund / Building Investment Fund, House Rules, Voting Rights, Dispute resolution, Conveyance of Common Areas, General Meetings and Annual Reports, and various other important OMC headings. A copy of the Act, and a summary, can be found HERE.
Similarly, all the owners individually have a co-responsibility to the OMC to perform certain obligations, set out in the Management Agreements, including payment of service charges etc.
The OMC, like all private limited companies, is managed by a Board of Directors & governed by the Companies Act 2014.
The Managing Agents
Managing Agents (for example, WYSE Property Management) are appointed by the OMC, where the directors of the OMC entrusts responsibility for the day to day management of the OMC's affairs into the hands of a Managing Agent.
A good firm of managing agents will endeavour at all times to see that the Management OMC honours it's obligations to the owners and that the individual owners, in turn, honour their obligations to the Management OMC and to each other.
Managing Agents would not have responsibility for services inside any Owners private apartment or house - this is each owner's own responsibility.
The Management Company
All the common areas within any residential multi-unit development are vested in an Owners Management Company, (“OMC”). These common areas and related services can be internal and/or external and/or structural.
Each owner is a member (or shareholder) in the Owners Management Company. The OMC 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 OMC, which is in effect the Owners own Company, and is responsible for the maintenance and upkeep of all open spaces, common areas and management services relating thereto. If the OMC is an apartment block, or any other type of multi-unit building, the OMC is also responsible for the upkeep and maintenance of the block / buildings.
The full responsibilities of the OMC are outlined in the OMC's Memorandum and Articles of Association and the Multi Unit Developments Act 2011.
All OMC's are governed by The Multi Units Developments Act 2011.
Within the Act, there are clearly defined rules how every OMC should be governed; Service Charge Budgets, the formation of a Sinking Fund / Building Investment Fund, House Rules, Voting Rights, Dispute resolution, Conveyance of Common Areas, General Meetings and Annual Reports, and various other important OMC headings. A copy of the Act, and a summary, can be found HERE.
Similarly, all the owners individually have a co-responsibility to the OMC to perform certain obligations, set out in the Management Agreements, including payment of service charges etc.
The OMC, like all private limited companies, is managed by a Board of Directors & governed by the Companies Act 2014.
The Managing Agents
Managing Agents (for example, WYSE Property Management) are appointed by the OMC, where the directors of the OMC entrusts responsibility for the day to day management of the OMC's affairs into the hands of a Managing Agent.
A good firm of managing agents will endeavour at all times to see that the Management OMC honours it's obligations to the owners and that the individual owners, in turn, honour their obligations to the Management OMC and to each other.
Managing Agents would not have responsibility for services inside any Owners private apartment or house - this is each owner's own responsibility.
