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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.
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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