After transferring the ownership of the development from the developer’s to the management company, the OMC must establish a sinking fund within 3 years. This fund is used for non-recurring maintenance and refurbishment in the multi-unit development. The fund is comprised of the contributions made by the unit owners to the fund annually. The MUD Act 2011 stipulates that the minimum amount to be contributed to the fund each year is €200, or alternatively, an amount which the members of the OMC have agreed to. All monies kept for the fund must be held in a separate account than the management company’s primary account.
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