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Monetary obligations regarding common properties

Posted by Admin on June 6, 2019
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The Bulgarian law governing common properties pays special attention to the monetary obligations related to such properties. They can be divided into two groups, namely, (i) monetary obligations associated with the renovation of common properties and (ii) monetary obligations pertaining to managing and maintaining common properties. Both of them will be discussed in more detail below.

Obligations associated with the renovation of common properties

The owners of a common property are obliged to create and maintain a renovation fund. All owners of the common property need to make monthly payments to the fund. The payments must be proportional to the percentage of ownership interest to which they relate. The common assembly of the owners of a common property is responsible for deciding what sum each owner will need to pay for 1% of ownership interest. Once the common assembly makes such a decision, it is easy to find out the amount of the payments that need to be paid by each of the owners. The monthly payment cannot be lower than 1% of the minimum salary in Bulgaria. As of January 2019, the minimum salary in Bulgaria is EUR 286.33.

Monetary obligations pertaining to managing and maintaining common properties

Owners of a common property must make payments for managing and maintaining it. The payments will be used for paying various costs associated with the common property, including, but not limited to, costs for cleaning services, heating, electricity, water, and maintenance of the elevator. People living in a common property must make equal payments, irrespective of their ownership interest in the common property. There is no minimum payment requirement.

It should be noted that the common assembly of the owners of a common property may agree to collect payments for incidental costs (e.g., for an urgent renovation or for settling unpaid debts for electricity and water). The owners of a common property may define their monetary obligations by adopting written rules governing the common property concerned. The Bulgarian government has published a template of a document containing such rules.

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