174 / 270
GAZETTE
SEPTEMBER 1980
the block of flats has been made. It is therefore suggested
that the following pre-contract enquiries be made:
1. Is there a management company? If so:
(a) What kind of management company is it and what
are its rules?
(b) Is it active?
(c) Who are its members and are they just the owners of
the flats in the block where the flat is being purchased
or are other persons involved?
(d) Does it relate only to the block in which the flat is
being purchased or does it have responsibility for
maintenance of other blocks within the development?
2. Are the accounts of the management company available
for the previous financial year?
3. How is the service charge currently payable?
4. What is the service charge currently payable?
5. Is there a sinking fund and, if so, what size is it?
6. Are there defaulting lessees or have all service
charges or other amounts payable been paid up to date?
7. Is the flat owner aware of any possible claim on the
management company funds which is not apparent from
the account furnished?
8. Is the flat owner aware of any proposal by the
management company to carry out repair work which
would eventually affect the service charge presently
payable?
9. Is the flat owner aware of any structural repair
necessary to any part of the common areas which is the
liability of the management company?
10. Have professional managers been appointed, and if
so, what are the terms of their appointment?
11. What kind of insurance policy is in existence and
has the premium been paid up to date?
Depending on the kind of scheme involved there may
be additional pre-contract enquiries to be made but the
information resulting from these enquiries is information
which any flat purchaser should have before contracts are
exchanged. If it is only obtained by him after contracts
are signed it may well be too late.
It is important therefore that if the management in the
development appears to be inadequate or unworkable, the
purchaser's solicitor should advise his client accordingly.
If his client decides to go ahead he may well be lucky and
have the satisfaction of getting a profit on his investment
if he can buy in and sell out before the inevitable
deterioration sets in. It is, however, up to the client to
decide whether he is prepared to take that risk.
NATIONWIDE INVESTIGATIONS
LIMITED
Working in closest co operation with the
Legal Profession
126 Rroadford Rise
Ballinteer, Dublin 16
01 9 8 9 9 6 4
ADeposit gives
you a 14% Interest
with us.
We offer attractive rates of interest on
deposits made with our Bank, while at the same
time ensuring the safety and availability of your
investment.
We can provide you with a variety of
savings alternatives depending on your
requirements.
IRISH CREDIT BANK LTD.
67 O'Connell Street, Limerick.
Phone (061) 46277-47170-46556. Telex 6910.
Branches at Westboro, Montenotte, Cork,
and 86 South Mall, Cork. Phone (021) 502351.
168