Ohtani

Tim,

I am an owner and ex body corporate committee member in a 32 year old apartment block of 100+ apartments on the Gold Coast.

I read with interest on the Flat Chat forum as to how you were able to exit out of both the caretaking and letting contracts and take over the management of your building.

We operate on a 10 year Standard Module however our current 2002 outdated caretaker & letting agreement 10 year (Standard Module) has never been reviewed and has had top up extensions/variations added at 8 of our AGM meetings between 2007 to 2022 and is now out to 2032.

Yes a 10 year outdated agreement out to 30 years! Apparently if nothing changes it will continue forever! Our owners are committed to approximately $2 million that the body corporate will levy off our owners over the next 8 years to pay the Management Rights Owners, who ever that may be then. As you know Body Corporates have no say in who this will be in the future.

Since 2002 our Strata CTS has had 5 different Management Rights owners between 2002-2022 and our caretaker & letting agreement no longer reflects the current needs of our strata community. In fact it should have been reviewed over 10 years ago. Who knows out of date it will be when we get to 2031-2032 if nothing changes?

That being said I would be very interested in getting an understanding of how your body corporate managed to extract itself from this situation.

Regards

Othani