korteriühistutes

Korteriühistu is an Estonian legal entity that represents the collective ownership and management of apartment buildings. It is established by apartment owners within a building to collectively manage common areas and shared services. The primary purpose of a korteriühistu is to ensure the smooth operation, maintenance, and improvement of the apartment building, thereby preserving and enhancing the value of individual apartments.

Membership in a korteriühistu is typically mandatory for all apartment owners within the building. Each owner's voting rights and financial obligations are usually determined by the proportion of their ownership in the building, often based on the size of their apartment. The korteriühistu is governed by a set of statutes, which are agreed upon by the apartment owners. These statutes outline the rules for decision-making, financial contributions, and the responsibilities of the management.

The daily management of a korteriühistu can be carried out by an elected board, which is composed of apartment owners. Alternatively, the owners can choose to hire a professional management company to handle these tasks. The responsibilities of the management include collecting maintenance fees, organizing repairs and renovations, ensuring compliance with building codes and regulations, and representing the korteriühistu in external matters. The financial resources of the korteriühistu are derived from the regular contributions made by apartment owners. These funds are used to cover operating expenses, maintenance costs, and reserve funds for future repairs. Transparency and accountability in financial matters are crucial for the successful functioning of a korteriühistu, with regular reporting to the apartment owners being a common practice.