David Gil, a member of the third generation of property administrators in a company that has been running for more than 50 years in the Fuengirola area, talks to us in this article about the importance of this figure for clients who are buying a home.
If we look at the statistics, seven out of every ten Spaniards consider the work buyer's agent administrators do as mediators between the community of owners and individual property owners to be “very important”.
Then what is the property administrator's mission?
Property administrators take care of the financial, legal and technical matters required for maintenance and financial management of properties, under the instructions of the owners of urban or rural properties or at the request of a board of owners.
This professional is an important figure for proper functioning of a community, a figure of mediation when necessary and provides important support in any conflict. To carry out their functions well, these professionals must be sufficiently trained in the necessary tasks and functions.
But let’s get to the heart of the matter. David, tell us about the importance of this figure for someone buying a property.
The (chartered) property administrator is, within the real estate professional sector, a relevant figure with whom we can establish a series of synergies and from whom we can obtain very important information which we should provide the buyer of a property with.
This professional, who exercises a profession that requires a very diverse range of knowledge (technical, legal, accounting, real estate, etc.) as well as a series of skills to deal with clients, is a figure that’s becoming increasingly important to resolve all sorts of neighbourly conflicts.
In this article I’m going to describe a series of aspects in which the property administrator can become a great ally for us in our task of representing the buyer of a property.
Knowledge of the property
First of all, for buyer’s agents to provide our clients with good information we need to go to the community administrator for the property in question.
The property administrator is going to provide us with first-hand, and most importantly, IMPARTIAL information on the state of the building: the building’s facilities or ownership and the condition it’s in, as well as possible inspections that either the block or its facilities have been or are going to be submitted to (lifts, pumps, solar panels, antennas.)
It’s very important for our buyer to know whether the apartment block is going to have to undergo renovation work within a short period of time, which would lead to extra expenses.
A technical inspection of the building will reveal this type of thing.
Arrearage in communities of owners
Although data protection laws will stop a property administrator from giving us exact details, they will be able to give us a general idea of the amount of arrearage in a community, as well as possible actions that are being taken against community members with outstanding debts.
The current claims procedure speeds claims for payment up a lot. It’s vital to be able to provide our clients with the peace of mind of knowing that the community functions actively and correctly.
Also, many clients are unfamiliar with the law. To this respect, it is vital to present a certificate to prove the property is debt-free, signed by the property administrator at the time of signing deeds at the notary.
Without this certificate we could run the risk of buying a property with debts attached, and the buyer could end up having to take responsibility for debts for the current year and the previous three years as well.
With their profound inside knowledge of the properties, property administrators can give us a very accurate market valuation of the property.
The BUILDING BOOK where notes are made of all incidents at the property since it was built (construction problems, flooding, earthquakes, change of lift) can increase or reduce the generic market price allotted to the property.
Statutes and co-habitation rules
It remains uncommon in Spain for people to ask about these 2 documents before buying. Foreign buyers do tend to ask for them, as they are almost always represented by an agent.
The use of community-owned terraces which are however of privative use or ground-floor properties with community-owned gardens for private use, and the ways in which each community regulates maintenance and splits owner’s responsibilities are just a few examples of the many particular matters that can arise.
In my experience as a chartered property administrator, I believe that the communities that work the best are those that have the clearest, most specific statutes and co-habitation rules.
It’s important to provide our clients with this information on the specific functioning of each community of owners before they buy.
The changes to the Horizontal Property Law that affect holiday rentals have given communities of owners the possibility of banning seasonal rentals with a majority of 3/5 of the owners in favour or of applying an increase of up to 20% to the community fees owners who rent out their properties must pay.
Once again, receiving this information in advance will play a part in our clients’ decision when they consider buying. Particularly if the buyer is looking to invest in property and earn income from it.
These are some of the many and varied circumstances in which collaboration with a property administrator becomes totally necessary for real estate professionals.
Ultimately, communities of owners in Spain can sometimes be such a complicated ENTITY that they require great professionals who know how to guide buying clients correctly. Obtaining information from a good property administrator is one of the advantages a Personal Property Shopper can offer.
David Gil, as a property administrator and Real Estate Buyer's Agent, can help you find your dream home and carry out all the legal procedures you need to guarantee the most important purchase of your life goes right.
If you would like to hire this great professional don’t hesitate to contact him.