Welcome peoples opinion as I have just purchased my first IP Have just received a letter that a committee member has sold there unit (person I purchased the property from I would assume) Therefore they need a person on the committee. I believe the person I purchased the unit from was the treasurer If I decide to take a position does that mean I need to be the treasurer? I assume I should be on the committee so I have a voice on decisions? Any thoughts would be appreciated - pro's and cons Thanks TT
Yes go on Committee and take up any position you like. I've done that over 10 years ago and have learned a lot since then. Enjoy!
Being on the committee means you need to be involved and make decisions in many of the things that are smaller but need ok before going ahead. It requires some commitment & frankly I suggest some knowledge. Down side is your part of decisions where things go wrong, or not according to rules etc & you are sued, if you have no insurance, you could go down the gurgler.
By all means go on the committee, but I would suggest not taking on an official role until you have been on the committee for enough time to understand how things work and the obligations of each position. Marg
From experience... Seeing as you've only just purchased/moved in you may want to sit back for a bit and sus out the politics/others on the committee as well the expectations of those you'd be representing. Some can be great, others like primary school.
Being on the commitee means u are involved in managing the owners corporation reviewing budgets ensuring disputes are resolved impartially and also ensure the building is kept up to date maintenance wise. Personally I would not want extra work unless it is something I am passionate about There are risks involved in that u have to make sure that u have acted fairly and in good faith at all times otherwise u run the risk of getting sued in the event something goes wrong from another owner etc. I know of a case where a commitee member allowed one owner to organise his moving on Sunday where it is not allowed however restricted others. He was subsequently removed at the next AGM. Another awarded himself extra space by putting his AC condenser on common property.
BC has insurance to cover the committee. Decisions aren't made in isolation so you just can't sign off anything without authority. The strata manager will also provide guidance when required. Taking a position on the EC is not risky but may be time consuming - it's important to be involved.
As mentioned if u act in good faith there is insurance for vic but no if u don't. Decisions can be made in isolation for minor issues otherwise u gotto call in the owners corp manager and the rest of the committee every time and if u have 100 residents it ain't that much free time if u got a full time job. It is time consuming - I have been a committee member before and also a member of various owners corps and there is a lot of dodgy stuff that does go around
Under the old NSW strata laws I am not sure exec committee members could be sued..? Can anyone confirm in NSW under the new legislation that the committee can be sued for poor decisions or not running and maintaining the building in the best interests of the owners? I remember reading that there is more responsibility under the new laws.
This is exactly the reason why I have always been involved. I do not know the capacity and capability of people running it. I dont know whether I can trust them to make decision on my behalf, spending my money in the Sinking Fund. Granted it can be time-consuming, but treat this as part of your investment, just that this one is in kind. Also a lot of "meetings" are done via emails, flying-minutes, phone calls etc. There is a lot of help if you look so that chance of mistake can be greatly minimised. I wish more people are taking interest in their properties. And you will benefit from it. I know I did. I have gained much confidence and satisfaction.
