• This topic has 3 replies, 3 voices, and was last updated 1 month ago by .
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  • #73728
    aa0691
    Flatchatter

      New living in strata world. On my first few months unable to attend meetings due to work and later learned from a neighbour of a possible strata remediation to come followed by AGM meeting to raise a special levy .
      I immediately emailed the SM to inquire about it, my share of the cost and due date as I would like to pay the full amount.

      No response to my first email. I followed up with a number of emails, literally not a word from neither the SM nor any staff.
      months later the remediation started and progressing, I received an email from one of the assistants and said, it’s too late to be a CLO since all monies were received and the OC voted for those who are now Non CLO will be subject to a special levy/loan regardless whether a lot owner attended the meeting or not.

      Then later, the SM confirmed to me on the phone and followed by email with attached documents also previously sent to other lot owners but me that I do not have a choice but pay the levies plus interest every quarter for 5 years.

      I felt like not only I was not treated well, I was also penalised to pay my share plus interest for 5 yrs that I could have contributed when I inquired.

      I reached out to the FTB for mediation but the request sent was rejected by the OC. FTB suggested my next step is the tribunal.

      I know there’s something wrong on how things are being run.

      All I want is to make it right to pay my share of the remediation cost in full, but I was disregarded and later told I have to make quarterly payments plus interest for 5 yrs. On top of that I do not even know the principal amount of the loan.

      Is this normal with strata and the OC? I wonder if there are others lock-in on this similar situation

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    • #73735
      Jimmy-T
      Keymaster

        CLO? FTB? WT…?  It would help if you at least spelled your acronyms and initials out when you first use them. I’m assuming FTB is Fair Trading “something” but I have no idea what CLO is. Please explain.

        IMHO (joke!) acronyms are used to exclude rather than explain or inform.  Doctors, scientists and politicians use them all the time because they really don’t want us to know what they’re saying to each other.

        The opinions offered in these Forum posts and replies are not intended to be taken as legal advice. Readers with serious issues should consult experienced strata lawyers.
        • This reply was modified 1 month, 1 week ago by .
        #73765
        kaindub
        Flatchatter

          It seems you missed something.

          Normally decisions such as this are made at committee or general meetings. These meetings need to have an agenda and be notified to all owners.

          Did you not get notified?
          Secondly, it’s not unusual when there are large expenditures for the OC to take out a loan if they do not have the funds available. The loan is paid off over time by your levies. Individual owners do not have an option to pay their share upfront. It’s one in, all in.

          Loans are also taken out in consideration that not all owners can stump up a large sum at the outset.

          ( There is a new loan product recently available that allows individual owners to pay their share up front. But it can’t be taken after another loan is already established)

          #73854
          Jimmy-T
          Keymaster

            I still don’t know what a CLO is? Any thoughts, anyone.

            The opinions offered in these Forum posts and replies are not intended to be taken as legal advice. Readers with serious issues should consult experienced strata lawyers.
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