Homeowners Association
The "Owners' Union" is a legal entity that includes all property owners within a shared residential or commercial complex. Its purpose is to organize the management of common facilities and services, maintain public areas, and ensure peaceful coexistence between owners and tenants. The Owners' Union is part of the shared property ownership system, which is recognized by many countries as a way to maintain residential complexes and create a comfortable environment for all residents.
Objectives of the Owners' Union:
Management and maintenance of common facilities
This includes elevators, swimming pools, corridors, gardens, and any shared spaces, ensuring their quality and sustainability.
Collecting and distributing fees
The Union is responsible for collecting fees from residents and distributing them for shared activities and projects, such as maintenance, security, and cleanliness.
Dispute resolution
The Union helps settle disputes between residents and ensures compliance with shared rules.
Improving quality of life
Through organizing and executing activities that enhance comfort and safety within the complex.
Responsibilities of the Owners' Union
Financial resource management
Allocating the budget and spending it on various services and maintenance, with complete transparency.
Establishing housing and usage rules
Creating regulations for the use of common facilities and resident behavior.
Organizing annual meetings
Regular meetings to review the budget, discuss the complex’s needs, and make decisions through voting by the owners.
Contracting service providers
Such as security, cleaning, and maintenance companies to professionally manage and operate services.
Communicating with government entities
When there are regulatory requirements or legal obligations related to the complex.
Benefits of the Owners' Union
Preservation of property value
The Union contributes to maintaining and regularly servicing the property, increasing its market value.
Fair distribution of responsibilities
It ensures an even distribution of financial burdens and responsibilities among owners.
Transparency
Owners can access the complex's accounts and expenses and prioritize financial matters.
Peaceful coexistence
By establishing rules for housing and usage, it fosters a cooperative and comfortable environment for everyone.
How to establish an Owners' Union
How to establish an Owners' Union: In Saudi Arabia, the Owners' Union is established through the "Malik" system, a platform provided by the Ministry of Municipal and Rural Affairs and Housing. The process involves registering via the "Malik" platform, documenting the founding system, and appointing a board of directors responsible for executing the necessary tasks.