Ok Thanks guys I requested them today. Hopefully I can look at it tomorrow. On 12 Nov 2013 15:46, "Ilitirit Sama" <ilitirit@xxxxxxxxx> wrote: > What Stu said. You just have to be reasonably sure that you're aren't > going to get screwed. When it comes to financials many places will be > reluctant to give you detailed info because it can expose various owners' > financial situation. After our AGM we get a statement containing a full > breakdown of where the money comes from and where it goes to, and what debt > (if any) exists. Maybe they'll give you that info, but they won't give > more than they need to. But when with a full breakdown, there are some > things you just won't know unless you study it thoroughly and ask the right > questions. > > For example, I was under the impression the gym at my apartment was owned > by the body corporate and use thereof was covered by the levy. Turns out > the space is actually owned by one of the apartment owners, and he lets > people use it as long as the BC maintains it. Now, he's thinking it's > unfair that he's being asked to pay levies without receiving rental money > from the BC. So now, our monthly levy goes up to cover the rental of the > gym (voted on during AGM). > > Stuff like that is virtually unavoidable so I wouldn't really worry about > it. As I said, just be reasonably sure you aren't going to get screwed. > Only time you really need to go through financials etc with a fine tooth > comb is if you're a big buyer. Retailers in Sea Point are having big > problems at the moment because they conflated the meanings/roles of the > owners, BC and tenants. Noob error. > > > > On Tue, Nov 12, 2013 at 3:19 PM, euraima tobias <euraima@xxxxxxxxx> wrote: > >> Can someone maybe advise me? How does the financial state of the body >> corporate of a complex affect you as a owner of one its units? Ie. Its >> solvency, its insurance etc. What happens to your sectional title in a case >> where they are declared insolvent? >> > >