The repair fund is intended to cover the costs associated with the management of the house and grounds. It is contributed each month by the owners of the units in the building, according to their share of the common areas of the building.
How does the repair fund work?
The Repair Fund in Czech legislation is addressed by the New Civil Code, which states that it is: “A contribution for the management of the house and land, which is known under the established name of the Repair Fund. This contribution is made by the owners, in the amount determined by the assembly of owners according to the size of the share in the common parts, unless otherwise determined. It follows from the foregoing that it is possible to derogate from the method of determining the amount of contributions according to the shares in the common parts by a decision of the assembly of owners.”
What is the repair fund for?
The Repair Fund covers:
- Operation, maintenance, repairs, alterations and other changes to the common parts of the house.
- Revision of technical networks, common technical equipment of the house, fire protection equipment, lightning rods, energy distribution systems including heat, hot water, drinking water etc.
- Maintenance of the property and access roads to the property.
- Exercise of the right of access to the apartment in the event that the unit owner modifies his/her apartment structurally, including the possibility to request the submission of construction documentation in justified cases.
How much to pay into the repair fund?
The contribution to the repair fund is paid by each owner of the building unit on a monthly basis, the total area of the housing unit is decisive for the amount of the contribution and is defined in the Owner’s Declaration and in the extract of the Certificate of Ownership of the Cadastral Office.