I own a townhouse in a complex for which an owners corporation was just created, although the buildings are about 5 years old. I believe there was no owners corporation before this because the developer owned more that 50% of the lots.
At the first meeting of the owners corporation, it was decided to charge a special levy for strata insurance to cover from October 2013 to October 2014.
In the 2013 - 2014 budget for the administrative fund, there is another charge for insurance. Presumably this is to cover the insurance for the 2014 - 2015 year because the special levy covers 2013 - 2014.
Is this normal? Why would I pay insurance charges up to 12 months in advance, particularly if I plan to sell within that time?
At the first meeting of the owners corporation, it was decided to charge a special levy for strata insurance to cover from October 2013 to October 2014.
In the 2013 - 2014 budget for the administrative fund, there is another charge for insurance. Presumably this is to cover the insurance for the 2014 - 2015 year because the special levy covers 2013 - 2014.
Is this normal? Why would I pay insurance charges up to 12 months in advance, particularly if I plan to sell within that time?