Our 32 unit strata has received a multi million dollar insurance payout for building repairs.
Some owners think that each owner should be credited with 1/32 of the total sum.
I believe that ALL owners should all be credited with amounts based on unit entitlements, which vary considerably, as the amount of repairs to each area require.
Much of the repair work has been completed.
My wife and I wish to sell our unit and think that, as we paid the insurance premium as per our unit entitlement, 40/1000 then we should receive insurance cover as per our unit entitlement 40/1000.
Clearly, a two bedroom, one bath, one car space, must be less unit entitlement, than a three bedroom, with spa, en suite to main with walk in robe, two car lock up garage and private roof top area.
We know that ALL of the money must be spent on building repairs and remain in the strata fund even if we sell our unit and NOT be paid out to owners.
To me it seems that any money remaining for future unfinished repairs should stay with our property title and be passed on to the new future owner, if we find a buyer.
