I am in a JV in which we own a strata lot and our ownership is 58% and 42%. We got into this without any formal agreements on how a special levy would be handled.
Typically, expenses (mortgage, property tax, insurance etc.) have been paid, and then the income is split 58% to 42%.
With the social levy being a very large number, I am wondering if it should be counted as another expenses and split 50/50, or whether our ownership percentages should come into play.
There may not be an exact answer because we don't have a formal agreement, but if anyone has any insight, or thoughts on the matter it would be appreciated if shared.
Thanks
Typically, expenses (mortgage, property tax, insurance etc.) have been paid, and then the income is split 58% to 42%.
With the social levy being a very large number, I am wondering if it should be counted as another expenses and split 50/50, or whether our ownership percentages should come into play.
There may not be an exact answer because we don't have a formal agreement, but if anyone has any insight, or thoughts on the matter it would be appreciated if shared.
Thanks
