Find the answers to the questions that we frequently get asked about Owners Corporations.
How many bank accounts does an Owners Corporation have?
An administration fund and a sinking fund. It is now a legal requirement to have a sinking fund to make provision for major maintenance costs on a building now and in the future. It is important to remember that many unit blocks for example are 40 years old plus and so building maintenance is an important consideration.
Should an investor take an active interest in the Owners Corporation?
Yes!! It is good to be involved in the Executive Committee. But you should at least attend the Annual General Meeting so that you know what is happening and being proposed. After all it will be your money that is being spent.
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