what is a sinking fund in a body corporate
A sinking fund in a body corporate is like the emergency savings account for a shared property. Imagine you and your neighbors all pitch in to take care of a building you jointly own. The sinking fund is the pool of money set aside for future expenses that aren't part of regular maintenance or day-to-day costs.
It's like preparing for the unexpected — whether it's a sudden need for major repairs, renovations, or upgrades. Everyone contributes a bit regularly, so when the roof starts leaking or the elevator