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REFX_COCC - Information on the Condominium Owner Company Code

The condominium owner company code is for all processes that relate to managing the rental of condominiums on behalf of the individual condominium owner.

The condominium management contract is a vendor real estate contract. The vendor is the third-party manager to whom the management fees are paid.
The condominium owner is the second main contractual partner. The condominium owner is copied from the assessment contract in the COA company code.
You assign rental objects (of one or more condominium owners associations) to the condominium management contract. All of these condominiums must have the same owner. You create the rental objects in the condominium owner company code. For the purposes of tenant settlement, these rental objects have to be linked to the related rental objects in the COA company codes.

You enter all bank details of the condominium owner, which are needed for condominium management, in the condominium management contract (real estate contract). At the latest when the contract is activated, these bank details are created as house banks in the condominium owner company code.

In addition, you have to enter a unique profit center for each owner in the condominium management contract. You use this profit center for all postings that do not have a direct reference to a bank account of the owner, so that you can assign these postings to the owner.

The rental objects in the condominium owner company code are leased out using real estate contracts of the lease-outcategory. The tenant is the (customer) main contractual partner of the contract. You can enter the owner as an optional additional contractual partner.
In the real estate contract, you enter the house bank to which the tenant pays the rent. For this house bank, it is mandatory to use a house bank account that is entered in the condominium management contract for the rental object in the bank details of the owner. The bank details of the tenant are, as usual, managed as the partner bank.

Periodic postings for the tenant are made in the condominium owner company code. The rent is charged to the tenant as customer. The tenant pays rent to the house bank account of the owner.

Tenant settlement is performed in the COA company code (usually after COA settlement ). The system determines the share owed by the tenant for each rental object that is leased out in the manager company code or condominium owner company code. This amount is invoiced to the tenant. The corresponding receivable or credit memo is posted in the condominium owner company code.