You May Want a Top-Up? We May Say No…Maybe Times are a’changing It used to be the norm for owners to automatically grant requests by their caretaker for an extension to the agreement with the body corporate, long before expiration of their 10- or 25-year contract. Not much thought was given to the matter, and
From the perspective of the Caretaker and Body Corporate (BC). 1. The Existing MR Contract: Drawn up by the Developer, often before the building is completed, which is necessary. An MR contract exist so that it can be sold to a Caretaker. This premature timing provides a substantial explanation to why the quality of the
While it is tempting for a body corporate committee to issue, without legal advice, a default notice or remedial action notice when a caretaker fails to comply with a term of their agreement or a provision of the Code of Conduct, it can be very unwise. This is best explained by highlighting a number of
In body corporate land, there is growing angst between the two main parties to a management rights (MR) contract. Each realises that their financial objectives are diverging and the tug-o-war win/lose contest that ensues between owners extending or not extending the incumbent caretaker’s contract is the biggest single factor accelerating building disharmony in strata living!