Hi Guys,
Still quiet new to the forum, sorry if I am posting at the wrong place
Okay, this is what has just happened to one of my friend recently (let's name him X), and just wondering if there is anything he can do about the situation. Now here is the story:
X has just recently made a purchase into a complex of 69 apartments, where the original developer still retains a remainder of 16 lots. (By the way this is just a fresh strata scheme with most of other owners still in a process of settling into the complex).
So just about 2days ago, a letter arrived from the strata and practically advised that as per the grant of proxy voting rights contained in the initial contract of sale, which effectively appointed the original developer as the proxy holder for all owners of the complex during the 1st year of the scheme scheme, the Body Corporate has therefore in accordance with his motion, entered into a leasing contract with the developer to lease some of the common areas in the complex including visitor parking spaces for a period of 200 YEARS at the cost of just $1??????
X was absolutely mad when he saw the decision by the Body Corporate and was wondering if there is anything he could do about it????? as he was told if he was going to block this decision he would require a majority vote of 75%??? which effectively means that all the owners of the remainder 53units have to be present at the meeting to motion and second the motion???? The same requirement applies if he wishes to motion an end to the grant of proxy voting rights????
Is there anyway other way around this? I mean is the developer and hence the Body Corporate's decision legitimate??? Does this mean as long as the developer contains an effective control of the Body Corporate he can just get away with everything that he rules in his favor???
Is the grant of the proxy voting right legit at the first place???
Still quiet new to the forum, sorry if I am posting at the wrong place
Okay, this is what has just happened to one of my friend recently (let's name him X), and just wondering if there is anything he can do about the situation. Now here is the story:
X has just recently made a purchase into a complex of 69 apartments, where the original developer still retains a remainder of 16 lots. (By the way this is just a fresh strata scheme with most of other owners still in a process of settling into the complex).
So just about 2days ago, a letter arrived from the strata and practically advised that as per the grant of proxy voting rights contained in the initial contract of sale, which effectively appointed the original developer as the proxy holder for all owners of the complex during the 1st year of the scheme scheme, the Body Corporate has therefore in accordance with his motion, entered into a leasing contract with the developer to lease some of the common areas in the complex including visitor parking spaces for a period of 200 YEARS at the cost of just $1??????
X was absolutely mad when he saw the decision by the Body Corporate and was wondering if there is anything he could do about it????? as he was told if he was going to block this decision he would require a majority vote of 75%??? which effectively means that all the owners of the remainder 53units have to be present at the meeting to motion and second the motion???? The same requirement applies if he wishes to motion an end to the grant of proxy voting rights????
Is there anyway other way around this? I mean is the developer and hence the Body Corporate's decision legitimate??? Does this mean as long as the developer contains an effective control of the Body Corporate he can just get away with everything that he rules in his favor???
Is the grant of the proxy voting right legit at the first place???