Co-ownership is governed in Monaco by law n°1.329 of 8 January 2007 relating to co-ownership of built buildings. It was amended by law n°1.531 of 29 July 2022 in order to meet the requirements resulting from the evolution of the practice (See our article: https://www.valeri-agency.com/en/pages/law1058-reform-co-ownership-2022.html ).
Two of the new provisions of the law, Articles 11 and 21, needed to be specified by ministerial order, which was recently done on 8 November 2022.
In order to ensure that the co-owners are fully informed, Article 11 of the law obliges the building manager of a co-ownership to attach to the convocations of the general assemblies the estimates relating to the works and expenses mentioned in articles 14 (maintenance and operation of an item of equipment), 15 (works or installations affecting the common parts or the external appearance of the building), 16 (work involving substantial transformation, addition or improvement of the common parts and common equipment) and 17 (work of elevation, scouring or construction with a view to creating new private premises when the work is carried out by the building manager) when they exceed a certain amount now specified by the new Order:
- €10.000 when the building has less than ten main units,
- €20,000 when the building has between ten and twenty main units,
- €50,000 when the building has more than twenty main units.
The main units are flats, offices and commercial and professional premises.
The law also obliges the managing agent, in Article 21, to establish and keep up to date a documentation of the building, aiming at gathering the main financial and technical data.
In addition, it gives him the possibility to offer the co-owners secure online access to dematerialised documents relating to the management of the building or the managed lots as well as to dematerialised documents which are or have been the subject of a deliberation of the general assembly, unless the general assembly decides otherwise. The minimum list of these documents is specified by the Ministerial Order.
For the full text of this documentation, please read the full text: Arrêté Ministériel n° 2022-588 du 8 novembre 2022 portant application des articles 11 et 21 de la loi n° 1.329 du 8 janvier 2007 relative à la copr... / Journal 8616 / Année 2022 / Journaux / Accueil - Journal de Monaco (gouv.mc)
Valeri Agency has been offering its services as a building manager in Monaco for several years. Its team, dedicated to the administration of buildings, has all the administrative, legal, accounting and technical skills. Reactive and rigorous, the team carefully monitors the administration of co-ownerships, always with the aim of preserving and enhancing the owners' assets.
We remain at your disposal for any questions you may have about your co-ownership.