Owners Association
A separate legal entity consisting of all the owners of the units in a Jointly Owned Property Development. The Owners Association is established when title to the first unit is transferred from the developer to a party other than the developer and when the Jointly Owned Property Declaration is registered with the Land Department.
The Owners Association is charged with managing the development and in particular the common areas. All individual owners of properties in a building or community are automatically the members of the Owners Association.
Tenants are not members of the Owners Association but are still required to adhere to the Community Rules.
An Owners Association is a “not for profit” legal entity in its own right in the same manner as a company is a separate legal entity from its shareholders. Once registered, the Owners Association may sue and be sued and has the right to own and dispose of movable assets and it may enter into service agreements.