What is condominium owners' association in SAP RE - Real Estate Management?

SAP Term: condominium owners' association

• Component: RE

• Component Name: Real Estate Management

• Description: German law A group created when a piece of real estate is divided into smaller, self-contained units usually apartments that are entered as separate units in the land register. This group is made up of the owners of the individual apartments. The apartments are individually owned, but there may also be common space considered to be in common ownership. The condominium owners' association is normally considered to be a legal person represented by the governing committee. The association is the contractual partner of any service providers.

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• Key Concepts: 
  A condominium owners' association is a legal entity that is responsible for the management of a condominium complex. It is typically composed of the owners of the individual units in the complex, and is responsible for making decisions about the maintenance and upkeep of the complex, as well as collecting fees from the owners.
  
  How to use it: 
  In SAP Real Estate Management (RE-FX), condominium owners' associations are managed using the Condominium Owners' Association (COA) module. This module allows users to create and manage COAs, as well as track and manage payments from individual owners. Additionally, users can use this module to generate reports on COA activities and performance.
  
  Tips & Tricks: 
  When creating a COA in SAP RE-FX, it is important to ensure that all relevant information is entered accurately. This includes details such as the name of the COA, its address, contact information, and any other relevant information. Additionally, it is important to ensure that all payments from individual owners are tracked accurately in order to ensure that all fees are collected in a timely manner.
  
  Related Information: 
  For more information on SAP RE-FX and its Condominium Owners' Association module, please refer to the official SAP documentation at https://help.sap.com/viewer/product/SAP_REFX/latest/en-US.