Beginning of September a new Law was issued that effectively repeals Law No 27 of 2007 concerning Jointly Owned Property.

The new law replaces Owners’ Associations with Management Companies, assigning them all rights and obligations previously resting with Owners Associations. At the same time protects the rights of Owners through several new checks and balances, and an Owners’ Committee.

There are lost of interesting new things in the Law. Please enjoy the translation which is the most correct in terms of context and jargon.

Feel free to Download the PDF below