Hi, Hoping you all can give some guidance on this issue.
I have been looking around for a while now at units/apartments, and they are inevitably on a unit title or a crosslease title. All of the ones I have seen on a crosslease title, there is no body corp, but there is an owners committee and a fund whereby all the owners put in a certain amount each month which covers general maintenance and building insurance.
Now for the first time, I have come across a unit on a cross lease title and all the owners have separate building insurance. Is this correct. I have personally spoken with the building manager, and he has confirmed that this has always been the case for the 30 years he has been an owner in this block.
So my questions;
1 Is this correct
2 Are there issues with getting lending
3What happens if something happened to the building impacting multiple units....all differnent insurance companies doing assessments, claims?
Thank you.
I have been looking around for a while now at units/apartments, and they are inevitably on a unit title or a crosslease title. All of the ones I have seen on a crosslease title, there is no body corp, but there is an owners committee and a fund whereby all the owners put in a certain amount each month which covers general maintenance and building insurance.
Now for the first time, I have come across a unit on a cross lease title and all the owners have separate building insurance. Is this correct. I have personally spoken with the building manager, and he has confirmed that this has always been the case for the 30 years he has been an owner in this block.
So my questions;
1 Is this correct
2 Are there issues with getting lending
3What happens if something happened to the building impacting multiple units....all differnent insurance companies doing assessments, claims?
Thank you.
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