The situation in Mascot Towers is terrible and I really do feel very sorry for all of the owners, especially the ones who have continued to pay their mortgages and levies and if this deal goes through, would have been better off not paying anything and still getting their debt waived. It doesn’t seem equitable to anyone except the banks and strata manager, who will get paid. IF 75% of owners agree.
I read the Supreme Court ruling. Makes sense.
Unfortunately, purchasing in Strata means that owners have an unlimited liability.
A while ago our old building needed to raise quite a significant special levy to pay for remedial works. It was a lot of money, it wasn’t easy and many sacrifices had to be made. Thankfully we did not waste millions on legal fees and instead put that money into the remediation. The Strata Committee worked tirelessly with the engineers and builders to get the work done before the defects got any worse. The building is now fixed and we are moving on with our lives, having learned some valuable lessons along the way. When I move from here I know what to look out for and what not to purchase the next time.