Dear Shareholders,
You are all aware that we received Code Compliance at the end of last week and that we have been encouraging everyone over the past few months to instruct their lawyers to reduce the settlement time from the normal ten to three days, unless there are extraordinary circumstances to make that not possible.
You should have all heard from your lawyers by now and received the final figures needed to settle, which include the sale price of your unit as per your Sale and Purchase document, less your loan to UCOL, plus a share of the DCC and ORC rates for your unit, until 30 June 21, and a portion of Body Corp fees, likewise from the date of Settlement to the end of June.
If you have not received these documents, would you please email your lawyer immediately over the weekend and clarify with them your settlement date? McMillan & Co, Ucol’s lawyers, need to receive instruction directly from your lawyer as to the exact day you will settle.
The earlier we settle, the more we save on interest costs and have funds for our common kitchen and other purposes.
The directors would like to know if there are any impediments to you settling earlier? The three days is technically Tuesday, but if these matters are not already in train, then it may be that you are only able to settle on Wednesday or Thursday. We are asking you all to be pro-active in this matter, so that the project can be settled as expediently as possible.
Also if you have any concerns please approach the directors before addressing them through your lawyer - which will cost both you and us collectively as UCOL - we are all the company and will all have to pay!
We thank you for your co-operation in the matter and look forward having an update from all shareholders. We can then finally move forward on the next phase of building our community together!
Catherine, Alex, Anne and Susan