Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

Our strata needs to replace the roof and we do not have sufficient funds in our operating account or Contingency Reserve Fund, what is going to happen?

April 26, 2017account Contingency funds Needs operating replace Reserve roof Strata sufficient

0

Posted

Our strata needs to replace the roof and we do not have sufficient funds in our operating account or Contingency Reserve Fund, what is going to happen?

1 Answer

0

Posted

Typically the strata will need to approve a Special Levy. A Special Levy is a charge to each strata lot to pay a proportionate share of the expense typically based on unit entitlement.