Advice re Body corporate fees, costly repairs, payment plans, voting rights.

Discussion in 'Property Management' started by justine77, 27th May, 2020.

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  1. justine77

    justine77 Well-Known Member

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    what advice do you give inexperienced investors re body corporate voting rights and these situations please.
    Bought an apartment 18 months ago and very soon had to pay some $ 20,000 towards the buildings roof repairs . besides the annual exorbitant body corporate costs and i had asked for a payment plan of instalments at the time.
    last year i was given leniency, payment plans, no interest charged and my voting power at agm meetings was still intact
    this year they are saying that unless i pay the last $3000 today that i wont be able to vote in meetings.
    This year there is greater hardship with job losses due to corona so shouldnt there be the same no n interest payment plans and allowance to vote ?


    2 other owner occupiers are single women facing hardship and the rest are investors who dont show up the meetings but give all their voting power to one person sso my voting power wont be affected.

    also re another property the body corperate signed off on a huge cost of tiling without first checking that the job was done properly and it wasnt

    what advice do you give inexperienced investors re body corporate voting rights and these situations please.
     
  2. thatbum

    thatbum Well-Known Member

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    1. Vent online about it.

    2. Pay your strata fees if you want to vote.

    3. Accept that can be reality when buying into a strata scheme.

    Steps 1 to 3 can be undertaken in any order too!
     
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  3. Trainee

    Trainee Well-Known Member

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    Dont buy into places with body corp in the first place.
     
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  4. Tony3008

    Tony3008 Well-Known Member

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    Which state? Didn't you get a body corp report when buying?
     
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  5. Pumpkin

    Pumpkin Well-Known Member

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    I have said this countless times: when buying into a property with BC, join the Committee immediately regardless of whether you live in the same city, and learn it along the way.
    If you want to learn faster, take the top three positions, study online (there's free courses for Qld).
    Even if you dont do that, just by being in the Committee and get involved in the decision-making process will groom your knowledge slowly.

    Before settlement, your Conveyancer would have done a DD and reviewed all minutes, and there might be indications of this Special Levy?

    Ditto. What make you think it's exorbitant? Did you look at the Sinking Fund Forecast and Financial Statements?

    Voting rights are stipulated in the respective State Laws/Legislations.
     
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  6. Michael Mitchell

    Michael Mitchell Property Manager Business Member

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  7. Mark F

    Mark F Well-Known Member

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    To me it appears that due diligence on the body corporate was not done. I doubt such a major issue as the roof would have not made it into the minutes in the period (6 months or less) between purchase and the levy.
     
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  8. Michael Mitchell

    Michael Mitchell Property Manager Business Member

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    Yep, sounds like a special levy situation, and also sounds like DD was not done properly or Buyer did not understand what they were getting into when agreeing to purchase.
     
  9. Lindsay_W

    Lindsay_W Well-Known Member

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    thatbum and Michael Mitchell like this.
  10. Scott No Mates

    Scott No Mates Well-Known Member

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    But I got a bargain, that's all that counts ;)
     
  11. Michael Mitchell

    Michael Mitchell Property Manager Business Member

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    Haha :)