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New Register for Condominium Officers in Hungary

New Register for Condominium Officers in Hungary

Hungary
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As a result of an amendment to the Hungarian Condominium Act, a new register for condominium officers will be set up as of 1 January 2020. The aim of the registry is to keep the data of the officers (common representatives and chairman of the administrative committee) in a national, public and electronic registry, to ensure the transparency of the operation of the condominium and the efficiency of the legal supervision of the city notary over the condominiums, and to facilitate the appropriate communication in the course of authority proceedings affecting the rights and obligations of the condominium and the community.

The common representative (or the chairman of the administrative committee) appointed by the general assembly may only perform administrative activity in case the fact of generating the post has been recorded by the land registry authority. However, the amendment of the Condominium Act also states that regardless of such registration, the common representative (or the chairman of the administrative committee) appointed by the general assembly may perform administrative activities until 1 May 2020 in case he/she certifies genuinely his/her entitlement of the performance of this activity.

The amendment to the Condominium Act also prescribes that the common representative (or the chairman of the administrative committee) must submit the annual financial reports accepted by the general assembly to the land registry authority every year. 

Detailed regulations of the registration of the condominium officers will be included in a government decree.

By Lidia Suveges, Junior Associate, KCG Partners Law Firm

KCG Partners at a Glance

KCG Partners is a Hungarian business law firm providing a comprehensive range of legal services to international and local clients seeking local knowledge and global perspective. The firm comprises business-minded lawyers with sector-specific expertise, creating value for clients by applying a problem-solving approach and delivering innovative solutions.

The firm has a wealth of knowledge in corporate law, M&A, projects and construction, energy, real estate, tax, employment, litigation, privacy and forensics, securitization, estate planning and capital markets.

To address clients’ regional and international concerns, the firm maintains active working relationships with other outstanding independent law firms in Central and Eastern Europe, whilst senior counsel Mr. Blaise Pásztory brings over 40 years’ of US capital market and fund management experience.

KCG Partners Law Firm is the result of the teamwork of passionate and talented lawyers guided by the same principles and sharing the same values: 

  • Our most valuable asset is our people. They are the engine of our business and the key to our success.
  • We push boundaries by looking for innovative solutions that can empower our clients to achieve greater results.
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  • We are driven by our vision to shape and lead the Hungarian legal market and become a first choice law firm in our practice areas.

Firm's website: http://www.kcgpartners.com