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Management Fees

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  • 19-11-2009 11:42pm
    #1
    chickenlicken
    Closed Accounts Posts: 8 ✭


    Hi there -
    I'm just wondering, does a property management company by law have to give a breakdown of the fees charged? I got a three line letter stating the amount only (2,600 euros!!!!) requiring immediate payment.
    Thanks


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    #2
    Paulw
    Registered Users Posts: 13,381 ✭✭✭✭Paulw


    Yes and no.

    No, they don't have to give you a breakdown when they're sending you an invoice for fees.

    Yes, they do have to send you a set of accounts for the previous year. This should be distributed with the notice for your management company's AGM. There you should get a full breakdown on any expenses for that year, and also details of the proposed budget for the coming year.


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    #3
    Pete4779
    Closed Accounts Posts: 622 ✭✭✭Pete4779


    chickenlicken wrote: »
    Hi there -
    I'm just wondering, does a property management company by law have to give a breakdown of the fees charged? I got a three line letter stating the amount only (2,600 euros!!!!) requiring immediate payment.
    Thanks

    They will produce yearly statements at least and these are sent to all owners. What you got is just an invoice. The management company will produce the yearly breakdown of costs usually at the start of the next year and estimates for the comign year.


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