[CPT-FGC] Re: Hi

  • From: euraima tobias <euraima@xxxxxxxxx>
  • To: cpt-fgc@xxxxxxxxxxxxx
  • Date: Tue, 12 Nov 2013 16:05:03 +0200

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?

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