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4 lot Strata which has not made any contributions into Capital Works Fund in 5 years.
Because majority of Owners would not agree to increase Levies to allow for a steady increase in the Capital Works Fund to match requirements of a professionally prepared 10 Year Capital Works Plan.
Which as I understand is a plan requiring to be reviewed in Year 5.
Result : One Owner with property on market is receiving low ball offers because prospective buyers are factoring in their own large contribution when this situation finally hits the Fan.
I see this as a lose/win/lose scenario. Vendor loses out with a devalued property. Incoming Owner wins with a reduced Sale Price then everyone loses out for the ignorance of the Majority.
What can be expected if this Matter were brought before the Tribunal ?
Your comments welcome.
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