No Sinking Fund

[zappalot]

On 9/17/2021 at 12:49 AM, WhiteBuffaloATM said:

Majority ( available) Owner Votes determine Scope, Price, Contractor for all Works,Services & Goods.

 

 

Where does it say so? There is nothing in the law related to condos that determines that the majority has to agree to anything the committee wants to do...

[WhiteBuffaloATM]

not concerned with law here. this is how we do it. all that practically matters is optimal asset maintenance. we have no committee. resident owners & owner reps. decide informally everything to do with our Common Fund. 

[zappalot]

lucky you if you have some smart logical thinking co-owners around you... We do not...

[lkn]

7 hours ago, WhiteBuffaloATM said:

not concerned with law here. this is how we do it. all that practically matters is optimal asset maintenance. we have no committee. resident owners & owner reps. decide informally everything to do with our Common Fund. 

We pass a budget each year. If committee or co-owners want something done, that doesn’t fall under regular maintenance or other fixed expenses, it should be in this budget / proposed at the AGM.

 

The budget is basically fixed for a year, and my personal view is that the committee is obligated to do everything they can to follow this budget.

 

[WhiteBuffaloATM]

we are a small complex of nine four story pool villa townhouses with seven owners and non- interfering legal thai landowner management co. who counter -sign cheques,pre approved by assigned owners rep(s), and keep accounting records. Each unit pays an agreed amount direct to the Common Fund which typically holds an average balance of half a million baht. 

 

We are able operate lean, direct & efficient because we are a small complex, with cooperative Owners.We don’t need bureacratic slow argumentative committees,MOM, budgets or separate sinking fund. I am the only present Resident Owner. We are fortunate to have a cooperative Resident Owner Rep. who controls the majority unit votes (5 /9) whom i support in agreeing Scopes / Quotations/ Contractors for Special Works. He oversees all the Monthly Utility / Caretaker/ Pool payments. 

 

This past 12 months we have competitively replaced our Main Water Pump System & Swimming Pool Water Pumps, with high grade equipment at cost prices, after 13 years of Complex Operations.

 

We have a Resident Caretaker who does all the Minor Repairs/ Painting, Gardening, Cleaning, Security. We have a great specialist Pool Cleaning Contractor, which I sourced at request of Owner Rep. We have also developed a unique Building Paint Spec. which lasts 6-8 years.

 

we have enjoyed near perfect success over the years, with some fund collection issues, compared to the many often disasterous condo management fiascos I read about…..

[smutcakes]

13 hours ago, WhiteBuffaloATM said:

we are a small complex of nine four story pool villa townhouses with seven owners and non- interfering legal thai landowner management co. who counter -sign cheques,pre approved by assigned owners rep(s), and keep accounting records. Each unit pays an agreed amount direct to the Common Fund which typically holds an average balance of half a million baht. 

 

We are able operate lean, direct & efficient because we are a small complex, with cooperative Owners.We don’t need bureacratic slow argumentative committees,MOM, budgets or separate sinking fund. I am the only present Resident Owner. We are fortunate to have a cooperative Resident Owner Rep. who controls the majority unit votes (5 /9) whom i support in agreeing Scopes / Quotations/ Contractors for Special Works. He oversees all the Monthly Utility / Caretaker/ Pool payments. 

 

This past 12 months we have competitively replaced our Main Water Pump System & Swimming Pool Water Pumps, with high grade equipment at cost prices, after 13 years of Complex Operations.

 

We have a Resident Caretaker who does all the Minor Repairs/ Painting, Gardening, Cleaning, Security. We have a great specialist Pool Cleaning Contractor, which I sourced at request of Owner Rep. We have also developed a unique Building Paint Spec. which lasts 6-8 years.

 

we have enjoyed near perfect success over the years, with some fund collection issues, compared to the many often disasterous condo management fiascos I read about…..

Sounds like you have it good but your situation is very different to what others have for a number of reasons....

 

1. You only have 9 units and 5 are owned by one person

2. You are not a condominium so are not Governed by the Condo Law

3. The Condo Act specifies things you they have to do- they cannot just run it informally like yours

4. Condos have 100's of units with 100's of different 'Characters' and Nationalities

 

Your situation is a mile better than most, but its not really relevant given the very obvious differences.

[WhiteBuffaloATM]

smutcakes: all true and already clear from the start. OP about Sinking Fund, not specific to Condos.

For Condos etc. I have proposed that the practical physical success of any Residential Complex Common Fund is Important not Legal Compliance. So much depends on effective Owner Group control not Law.

[smutcakes]

3 hours ago, WhiteBuffaloATM said:

smutcakes: all true and already clear from the start. OP about Sinking Fund, not specific to Condos.

For Condos etc. I have proposed that the practical physical success of any Residential Complex Common Fund is Important not Legal Compliance. So much depends on effective Owner Group control not Law.

You sound very pragmatic and sensible, unfortunetly in condos with 200+ units you always get a small % who dont agree with your version of whats good practice and good accounting and transprency. When people like that get worked up and you are on the Committee i believe you will see far more value/importance in the law side.

[WhiteBuffaloATM]

smutcakes: understood with 200 owners, crikey…..but the unreasonable minority can simply and formally be voted down or out and taken to court for any retaliatory non payment and any private services withdrawn. thats one advantage of formal committee & MOM. 

 

we have had this problem even with seven owners, the “ special ones” who dont want to pay their share because they have thai company, or dont use the pool or gardens so wont pay share of furniture, or complain the common utility bills. the clue is “ Common” . Every Unit pays same or based on m2. No Exceptions. You bought a pool villa and dont use the pool. Too Bad …. for you not us.

This guy had a corner unit so gets more HousePaint than others. We dont charge him Extra…..

 

As our Water is privately  supplied by our mng. co.we simply cut and sealed their water at common supply point. No Water no life. worked a treat. owner / family ejected / banned from pool when using chairs not paid for……we have an aggressive Resident Owner Rep who doesnt take any nonsense…..