Maintenance accounts

Painting front of tenement“People want to buy into a good group of neighbours who can work together to resolve problems. An Owner’s Association is a positive sales point.”
Jaqueline Shaw, Local Estate Agent

Five things you should know about a maintenance account

  • All owners contribute.
  • Are set up to help owners make regular payments towards repairs.
  • Need to be interest bearing accounts
  • Need at least two signatures to withdraw cash.
  • Any contribution from an owner who sells should ideally be left in the maintenance account and the house price adjusted accordingly.

Next: Tenement maintenance guide - The role of the council >