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Hi
I accepted an offer on my townhouse that I have owned for over 10 years which was subject to finance. Whilst the buyers were getting their finance approval our strata management company called an extraordinary meeting (our AGM is held in December). They provided us with less than 14 days notice for the meeting. The meeting was called to discuss the owners putting in extra money to cover some external refurbishment. We were advised that we should put forward the new buyers vote – which was No and we also supported that vote. The majority voted Yes therefore in the next 2 months all the owners are to put in extra funds of around $1500 each month. Our settlement goes through next week prior to the date that extra funds are payable. We have been told that we are liable for the funds even though we will no longer own the property. Can you please advise. Thanks.
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I know from my recent purchase in Strata that as a buyer I did a Strata Search and fees and any Special Levies, including planned Special Levies are clearly shown.
Your Conveyancer is the best person to advise you but I believe that until Settlement, you pay your share of Council Rates, etc., after that all costs are the responsibility of the new owner.
I'm not certain about the Western Australian position. In New South Wales, however, where a contribution, which is not a regular period contribution (ie special levy), is payable by the vendor and the vendor discloses that contribution in the contract for sale, the amount is adjusted between the parties as at the settlement date. If the contribution is levied before the contract date but not disclosed in the contract, the vendor is liable to pay the full amount.
You will need to look at the standard terms of the contract for sale in Western Australia under adjustments or apportionment of charges relating to the property. The Real Estate Institute of Western Australia may further be able to assist. I apologise for the delay in posting this answer as I understand that settlement on your transaction may now have already taken place.
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