Since 1 April 2017, associations of co-owners must ensure that the mandate that their Property Manager receives from them, is registered with the Crossroads Bank for Enterprises (CBE). Co-owners have until 31 March 2018 to do this. The legislator hopes this will increase the transparency of activities of Property Managers. This will make it easier to trace Illegal actions, thus resulting in improved protection of owners.
This obligation is a result of the Royal Decree of 15 March 2017, and is not related to registration of the company in the Crossroads Bank for Enterprises.
The Property Manager himself is responsible for registration, and can do this at any enterprise counter.
To which Property Managers does this apply?
All Property Managers must perform this obligatory registration with the CBE, whether they be professional or non-professional, natural persons or legal persons.
This obligation also applies to temporary Property Managers appointed by a General Meeting for a limited period or a specific task, or by the Court to replace an actual Property Manager who failed to perform his task in a fitting manner.
Indeed, this obligation applies to all co-owner associations. Where there are at least 20 lots, it is possible for the association to constitute sub-associations. In this case, the Property Manager of both the main association and of the sub-associations must be registered, even if this is the same person.
Information required for registration
The application dossier must contain the following identification information and documents:
1° The Companies Registration No. of the co-owners association;
2° An extract from the deed of nomination or appointment of the Property Manager;
3° For a natural person: the National Register No. or the Identification No. at the Crossroads Bank for Social Security (CBSS); Or for a company: the Companies Registration No. and, where applicable, the National Register No. or the Identification No. at the Crossroads Bank for Social Security, of the Business Manager or the Managing Director.
Where should registration take place?
You may choose the enterprise counter responsible for registering applications for registration, amendments or deletions.
The enterprise counter may request additional documents to help them clearly identify a natural person wishing to register.
If the application dossier is incomplete, the enterprise counter must notify the applicant within a period of 8 working days.
If the dossier is complete, the enterprise counter likewise has a period of 8 working days in which to register the applicant with the Crossroads Bank for Enterprises.
If there are reasons to refuse registration, amendment or deletion, these must also be made known to the applicant within 8 working days.
Applicability
The compulsory registration of a Property Manager or temporary Property Manager of a co-owners association came into effect on 1 April 2017.
Co-owners associations which are currently already registered with the CBE, must still register the mandate of their Property Manager by 31 March 2018 at the latest.
Author: Bastiaan Baeskens, Attorney Monard Law
