Many small co-ownerships are run with a spreadsheet, supplemented by a host of separate tools: exchanges with the other co-owners and the trades are not kept, invoices are stored nowhere, the history is long to reconstruct and the allocation of charges is recalculated by hand.
A small co-ownership of 2 to 9 units
In a co-ownership of 2 to 9 units, one of the co-owners takes on the role of voluntary manager and shares information with the other co-owners, simply — without assuming any particular accounting skills.
Can it be run without a professional manager?
A small co-ownership can be administered by one of the co-owners, appointed by the general meeting. The applicable rules and thresholds are described on guichet.public.lu.
Do you need accounting knowledge?
No. The allocation of charges and the annual statement are calculated from the ownership shares — and from consumption where applicable.
The Luxembourg framework to respect
Managing a co-ownership in Luxembourg applies specific rules: the majorities of the law of 16 May 1975, the convening deadlines, a suitable chart of accounts and a works fund separate from the running charges. The works fund is mandatory for all residential co-ownerships, whatever their size.
Sharing information with the co-owners
Each authorised co-owner sees what concerns them: calls for funds, statements and documents, all in one place. To get started, the data from an export of the old system or an existing mandate — ownership shares, balances, history — can be carried over without re-entering everything.