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away from asset status

August 2, 2010 | 25,00 EUR | answered by Dr. Dr. Danjel-Philippe Newerla

Dear Sir or Madam,

Is there an obligation for the property manager to create a financial statement as part of their annual accounts and make it available to the owners? If so, what is the legal basis for this and are there any Supreme Court decisions on this matter?

Kind regards,

Dr. Dr. Danjel-Philippe Newerla

Dear inquirer,

Thank you very much for your inquiry, which I would be happy to answer as follows:

The obligation to render accounts and indirectly the obligation to prepare an inventory of assets arises from Paragraph 28 (3) of the Condominium Act.

There is consensus in case law that an inventory of assets must be prepared.

However, there is still controversy in case law about how such a list should look like or what should be included in such a list.

Below, I have attached a very interesting link with detailed information on this exact topic:

http://www.immobilienverwalter-nrw.de/Portals/0/pdf/VortragDrStaehlingAtt06.pdf

I would like to point out the following to you in conclusion:

The legal advice I have provided is based solely on the information you have provided. My answer is only an initial legal assessment of the situation, which cannot replace a comprehensive examination of the facts. Adding or omitting relevant information can lead to a completely different legal assessment.

I hope that my explanations have been helpful to you. Feel free to contact me via my email address or the inquiry option.

I wish you a pleasant Monday afternoon!

Kind regards from the North Sea coast

Dipl.-Jur. Danjel-Philippe Newerla, Attorney at Law

Heilsbergerstr. 16
27580 Bremerhaven
kanzlei.newerla@web.de
Tel. 0471/3088132
Fax. 0471/57774