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Search results for “Options - Very Important Provisions”

You are browsing the search results for “Options – Very Important Provisions”

In: Body Corporate, Legal

Contributed By: Short Punch & Greatorix on

A valid and current Caretaking Agreement and Letting Agreement (“Agreement”) with a healthy term remaining is one of the most valuable assets in a management rights business. This is recognised by anyone with an interest in the business, including banks and potential purchasers. It is therefore imperative that Service Contractors and Letting Agents (“Building Managers”) understand the process that is involved in both exercising an option and adding an option to the term of their current Agreement. Exercising an Option to Renew The effect of not exercising an option can be disastrous. If a Building Manager does not exercise an option within the required timeRead More →

In: Body Corporate

Contributed By: Hynes Legal on

In the midst of the COVID-19 pandemic, the strata sector is facing some big issues. Perhaps the biggest challenge (this week at least) is how to manage body corporate levies and other financial issues at a time when people are under all sorts of financial pressure. It can be hard enough to get people to pay strata levies when they have the money, let alone when they do not. We think it is essential to identify the pain points for everyone in the sector when it comes to levies and then identify what can be done about it. There are a few points to make,Read More →

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