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Deeds Registry Act
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Today: Oct 06, 2012
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| Special Levy |
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A Body Corporate may raise a special levy in order to effect alterations or improvements to the sectional scheme. The special levy is payable over and above the normal monthly levies. The special levy will be calculated according to each unit`s participation quota and shall remain the obligation of the owner at the time when the special levy was raised. This obligation for payment shall continue to be that of the Seller, until paid in full even after date of sale, unless it is specifically agreed in a deed of sale that the new owner shall be liable for payment for any outstanding amount in respect of special levies. The relevant Body Corporate will only issue a levy clearance certificate once all the special levy payments are paid in full, alternatively only when the Seller makes satisfactory arrangements for payment on registration of transfer. It is therefore very important to establish whether a special levy has been raised before concluding a sale in order not to have complications closer to transfer. Speak to one of our Conveyancers for Specialist advice in Property |
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