And another term Property Manager? Are they all the same??
JMB is a corporate body, having a common seal comprising of the developer and/or their Developer representative and together with the purchasers to undertaken the Joint Management of the building and common property.
a) Maintain the common property and keep it in good serviceable repair;
b) Determine an impose charges for maintenance of common property;
c) Insure the building;
d) Comply with notices and orders by local authorities;
e) Prepare and maintain a register of all purchasers;
f) Ensure that the Building Maintenance fund is audited and provide financial statement to purchasers;
g) Enforce House Rules;
h) Consists of 5 to 12 elected purchasers and developer;
Duty of Developer is to convene the first meeting of Joint Management body within 12 months from the date of VP;
Agenda for the 1st Meeting of JMB
a) Election of Office Bearers of the Committee (under JMB)
b) Confirm taking over of insurance effected by developer
c) Determine amount of maintenance fund
d) Determine rate of interest for late payment charges
e) Any other matters on maintenance and management of the building and common property.
Volunteer of not, that person must dedicated and trustworthy. It is easy once you know what is required from the authorities such as COB and how to keep every owner in the same PTD engaged and informed of any decision which may affect their property... well, there are management companies who rather you not now all these... so that they can manage for you, for a fee ofcourse.
My personal experience... there are several types of owners: 1) Passive (buy and keep vacant for long term) 2) Active owners (buy and hope to rent out/sale) 3) Buy for own use. Committee members are usually from No 2 or No 3 only... No 1 is virtually unreachable or dormant owners. Just my own observation above. No offense or reference to any owners out there.