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If an apartment association has a management board, then transactions can be made by the member of the management board entered in the registry and without submitting a power of attorney. In the event of a joint representation of members of the management board, members of the management board can represent the apartment association only jointly.
The apartment association does not have to have a management board, if there are up to ten apartment ownerships in the house or if all the apartment ownerships belong to one person. In the absence of the management board, the apartment association will be managed and represented by all owners jointly and they will be deemed to be members of the management board with joint representation rights. Joint representation right means, in the first place, that all owners must express their will when carrying out transactions. The conclusion of a transaction on behalf of an apartment ownership therefore requires the consent of all owners, which is why all owners must come to a branch of the bank or issue a joint power of attorney or a digitally signed letter of authorisation on the bank’s letterhead, which authorises someone to represent the apartment association, in order to open an account and enter into other contracts.