Apartment Economics 101: From Dues to Budget, From Income-Expense Table to Audit Report
Apartment Economics 101: From Dues to Budget, From Income-Expense Table to Audit Report — Transparent and documented execution of financial operations in apartment management is both the legal responsibility of the manager and the most fundamental right of unit owners. With the new regulations coming into force in 2026, the audit of apartment accounts has been further tightened.
The Importance of the Apartment Bank Account
Pursuant to the KMK (Condominium Law) and the latest circular of the Ministry of Environment, it has become mandatory to collect apartment dues in a separate bank account opened in the name of the apartment. Collecting dues in the manager's personal account is legally problematic and may lead to embezzlement charges.
Documents Required to Open an Account
- Tax identification number obtained in the name of the apartment
- Bank account opening decision taken at the general assembly (copy of the decision book)
- The manager's signature circular
- The apartment's current management plan
Warning: All payments made from the apartment account must be documented with invoices or receipts. Undocumented expenditures cause problems during audits and lead to the manager not being discharged.
Digital Tracking Systems
As İmer Yönetim, we track all financial transactions instantly through our online portal. Every unit owner can view the income-expense table, invoice images, and bank account movements 24/7 with their own password.
KMK Article 20 — Common Expenses and Dues: "Unit owners are obliged to participate in the maintenance, repair and management expenses of common areas in proportion to their land shares." Enforcement proceedings can be initiated against a unit owner who does not pay dues. A monthly 5% late payment interest is applied to overdue dues. Dues debt passes to the new owner in case of transfer of the apartment — the defense of "I bought the apartment, I am not responsible for the old debt" is invalid. The manager is obliged to post the dues debt list on the apartment notice board.
Legal Basis of Dues and Common Expenses
For detailed guidance and professional management support on this topic, you can consult Erdemli Yönetim.
Payment, Tracking and Sanctions
For detailed guidance and professional management support on this topic, you can consult Erdemli Yönetim.
Professional Solution: Apartment accounting, SSI procedures, payroll and tax returns are handled by our financial advisors. There is no additional cost to unit owners.
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