In a complex strata development with multiple buildings and facilities, the owners corporation is considering a significant special levy for major capital works. Under most state strata legislation, what additional requirement may apply beyond a special resolution?
Correct Answer
D) A sinking fund study and detailed cost estimates provided to owners before voting
Most state strata legislation requires that owners receive detailed information including cost estimates and often a sinking fund study before voting on significant capital works levies. This ensures informed decision-making and transparency in financial planning for major expenditure.
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An owners corporation in a strata scheme wants to make a significant change to common property. What is typically required under strata legislation?
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In a complex strata scheme dispute in NSW where a lot owner claims the owners corporation has incorrectly allocated special levy costs, and the owners corporation argues the allocation follows a validly passed special resolution, what is the most likely jurisdiction for resolving this matter?