It is important to note, however, that expenses that raise alarm bells do not mean that the trustees are attempting to defraud the body corporate — often, trustees are untrained in financial matters and will welcome the suggestion or assistance in these matters.
Handling these interactions as an ally and not an accuser will go a long way in fostering cooperation in these matters. Contact him at www. This article is published under the Creative Commons Attribution license. Back to Paddocks Press — March Edition. Good article. Owners who create a budget to match the levy that they would like to pay 2. Abbreviated budgets which are quite widespread. Those budgets based on three columns, what was budgeted for last year, what was spent last year , and what is budgeted for this year!
What is needed is a detailed item by item, month by month budget. For example municipal charges go up on 1st July each year, insurance renewals go up in say November. To do a proper realistic budget is necessary to look at each item and carefully judge how much is to be paid and when. Body Corporates that work out levies from proper thought through budgets will have far fewer problems. Lastly, not increasing levies to try and be nice to people will only result in heavy increased in years to come.
Priced To. Only display properties Web Ref Number Search. Advanced Search. The lowdown on sectional titles, body corporates and levies. Email article to a friend. We will communicate real estate related marketing information and related services.
We respect your privacy. See our Privacy Policy. Categories News. The lowdown on sectional titles, body corporates and levies Category News Body corporate The basics of a body corporate The body corporate consists of everyone who owns property within a sectional title block of flats or complex.
Entrusting the trustees Trustees are members of the body corporate who are appointed, on a voluntary basis, to manage the sectional title and ensure that everything runs smoothly. The lowdown on levies If you live in a sectional title property, you will be required to pay a monthly levy. What's special about special levies?
Author: Jawitz Properties. As an owner in a scheme you should attend the meetings of the scheme where these proposals are motivated and debated. The trustees are appointed by the Body Corporate and once the budget for the financial year is determined and approved by the trustees this amount is then divided into a monthly levy among all the owners - based on the participation quote in the scheme.
Van der Linde concludes that the cost of maintenance and repairs should be provided for in a sectional scheme's ten year maintenance, repair and replacement plan and should be included in the scheme's reserve budget. Special levies may not be raised for normal maintenance expenses - as the special levy must meet an urgent expense.
Get the best of Private Property's latest news and advice delivered straight to your inbox each week.
0コメント