Part 1 Establishing of Homeowners Associations
The need to establish homeowners associations in Bulgaria is determined by the type of relations that exist in condominium multistory apartment buildings. This necessity reflects the reciprocity between the rights of homeowners and their obligations for the maintenance and management of their property with direct impact on the individual interest of each owner, on the interests of homeowners in the building as well as on the public interest in global aspect. The homeowners association is the organizational, institutional, juridical and financial form that is aimed to guarantee in the utmost degree individual and public interest, to preserve the value of the property that is part of the urban structure and living environment. The homeowners association is immediately bounded with functions and responsibilities as well as with rights and obligations of individual owners within condominiums.