Extension of Caretakers’ Contract – Not an Automatic Right

Extension of Caretakers’ Contract – Not an Automatic Right

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

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Management rights: to extend or to expire?

Management rights: to extend or to expire?

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

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Management Rights –Tendered Not Extended!

Management Rights –Tendered Not Extended!

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!

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