Question: Our body corporate needs to carry out remedial works and additional funds from owners are needed. Is the total amount divided by number or size of lots?
Our body corporate is authorising remedial works and maintenance and requires additional funds from owners due to not enough funds in the sinking fund. Is the amount required divided equally between the number of units OR should the amount be divided by the size of the units eg 1 bedroom and 2 bedroom etc?
Answer: The total should be divided by the unit entitlements ascribed to each lot.
The total should be divided by the unit entitlements ascribed to each lot. Effectively this is the second method you are suggesting. You can check the entitlements on your CMS and if you have any questions on the split you should check with your body corporate manager.
William Marquand Tower Body Corporate E: willmarquand@towerbodycorporate.com.au P: 07 5609 4924