Thanks for all the replies – however I still remain confused as to the need for a 75% or unanimous vote to sell common property. What sort of issues require a unanimous vote?
The proposed common property sale in my Strata has followed all the guidelines and requirements however the legal costs incurred by the EC and SM to do so, that is facilitate legally and correctly the investigation, transaction & transfer of title will have outweighed the cost of the income from the sale by some $5000!! If the sale of the common property does NOT go ahead, the Owners Corp will lose the $20,000 spent in legal fees to date.
I find it unacceptable – and unbelievable – that our EC and or SM allowed the Owners Corp to run up bills of $20,000 in legals and other expenses etc to investigate a common property sale of $15,000 when costs were only recoverable if the sale proceeded. Surely they should have stated up front that all expenses incurred were the responsibility of the Lot Owners requesting the purchase.
If the $15,000 common property sale is NOT allowed – the Owners Corp will be $20,000 out of pocket.
If the $15,000 common property sale is allowed – the Owners Corp recover their $20,000 legal expenses.
An EGM has been called and all Owners have been encouraged to support the sale. To maintain some financial balance, it seems as if we have no options, yet I feel the EC and SM have questions to answer in regard to the position they have created.
Your thoughts, comments or suggestions would be appreciated?