Our association has asked the builder to comply with the following before the handover process can commence. Are we correct in our approach?
1. 1. An audited Balance Sheet and Profit and Loss account for the association accounts. This will become the basis of our accounts.
2. 2. Full settlement of all outstanding corpus fund, reconciled with every sold flat..
3.An established process to collect monthly maintenance from all owners whose flats are vacant.
5. 4. Agree a specific amount for all unsold flats to be paid monthly to SSFOA.
6. 5. The current excess of expenditure over income has to be rectified and a nominal surplus has to be generated.
7. 6. Handover an established setup of employees, supervisors, skilled and semi-skilled workers who will continue to work for SSFOA after the handover.
Your advise please.
