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Our lovely EC intend to impose a large special levy on the humble owners in our building. We don’t disagree with the purpose of the levy (building repairs) – however there is a significant amount of unallocated money sitting in our current sinking fund.
Suspect the EC wish to keep these funds for some pet cosmetic projects they are always gabbling about.
Anyways, I understood that uncommitted funds in both the sinking and admin funds must be taken into account with a special levy only used to make up the shortfall. We live in NSW.
Searching the SSMA, I can find no reference. Please, can anyone advise?
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The simple answer to the “unanticipated” special levies and loans is to knock the potential for these off the purchase price. If a building and it’s sinking fund have been neglected, pay less for the apartment when you buy.
Anyone who doesn’t do this very basic homework is a mug and probably deserves all the “unanticipated” charges that come their way. It’s not rocket surgery. Caveat emptor.
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