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Condominium Bylaws in Dominican Republic
- Association Bylaws require Annual Election of an “Administrator”.
- Administrators are Elected by “Majority Vote of Assembly”.
- Assembly is the Maximum Authority of the Association of Owners.
- Administrator can be Individual or Corporation.
- “Administrator Fees” are established at Annual Assembly.
- Administrator Sets “Budget” for Assembly Approval.
- Administrator Given “Total Control” for One (1) Year.
- Administrator Establishes “Budget” for the Assembly of Owners.
- Confirms “Pro-Rata Share” of Expenses as set forth in Bylaws for each Owner.
- Employs Association Staff and/or Hires Independent Contractors.
- Accounts for Employee Insurance, Pension Benefits, and Severance Pay.
- Supervises Working Schedule of Employees, Contractors, and Suppliers.
- Issues “Owner Invoices” on a Monthly or Quarterly basis.
- Prepares Periodic Financial Reports for Accurate Accounting and Budget Reviews.
- Works with Accountant to Assure all Applicable Taxes are Paid.
Experience & International Network
Holden Sotheby’s International Network takes the role of Administrator as a Company. Within that company are specialists who focus on the following:
- Community Rules & Regulations
- Financial Planning & Budgeting
- Building & Pool Maintenance
- Landscaping & Gardens
- Employee Payroll & Supervision
- Accounting & Financial Reporting
- Local Vendors & Suppliers
- Interior Property Management
- International Sales & Rentals
- Guest Services & Client Relations
- Website Promotions
- Social Media & Marketing
- Financial Analysis
- Property Trades & Exchanges
Administration Side Effects
Most Developers Build a Project… then walk away. It is then up to the Owners to elect an Administrator to manage affairs of the Assembly. The results can be positive or negative.
Positive Effects of Good Administration:
- Repair of Developer Short-Cuts.
- Upgrades for Existing Deficiencies.
- Reduction of Deferred Maintenance.
- Economies of Scale; More Efficiency.
- Peace of Mind; Sense of Pride.
- Increase in Rental Income.
- Increase in Resale Value.
Negative Effects of Bad Administration:
- Deferred Maintenance.
- Inefficient Operation – Higher Costs
- Owner Disatisfaction – Experience.
- Negative Perception – Reputation.
- Dis-Harmony Amongst Owners.
- Decrease in Rental Income.
- Decrease in Resale Value.