Cashmere Solo
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Construction & Fire defects?
I own an apartment which is subject to a significant remediation project to remedy fire and construction defects which were not done correctly by the developer. At an AGM meeting a couple of years back, people were hit with an increase in their sinking fund charge from €200 to anywhere up to €5,000 in that year excluding their annual management fees. This figure was manufactured as there were no quotes submitted to substantiate the cost as requested by owners. There is also no 75% in writing from owners authorising this action as per the MUD Act.
The following year the same levy was applied much to the dis-satisfaction of Owners as there is little or no transparency in what is happening regarding the spending of monies on these projects. People who haven’t paid the new charge for whatever reason but are still paying the normal service charge have lost their vote. The OMC are now in a position of control as they have probably 20% of the votes mostly proxy by a couple of large investors. They now use these votes to control the meetings although we are unsure that they have paid up and are entitled to vote.
Any comments most welcome!
I own an apartment which is subject to a significant remediation project to remedy fire and construction defects which were not done correctly by the developer. At an AGM meeting a couple of years back, people were hit with an increase in their sinking fund charge from €200 to anywhere up to €5,000 in that year excluding their annual management fees. This figure was manufactured as there were no quotes submitted to substantiate the cost as requested by owners. There is also no 75% in writing from owners authorising this action as per the MUD Act.
The following year the same levy was applied much to the dis-satisfaction of Owners as there is little or no transparency in what is happening regarding the spending of monies on these projects. People who haven’t paid the new charge for whatever reason but are still paying the normal service charge have lost their vote. The OMC are now in a position of control as they have probably 20% of the votes mostly proxy by a couple of large investors. They now use these votes to control the meetings although we are unsure that they have paid up and are entitled to vote.
Any comments most welcome!
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