The introduction of the new Strata legislation in November 2016 has seen some important changes that all Strata Managing Agents should be aware of regarding debt collection and levies.
Payment Plans – Owners Corporations are now able to agree to payment plans with owners in arrears for a period of up to 12 months – In accordance with Regulation 18.
Debt Recovery Action – 21 days are required after the service of notice of recovery action has been issued before any debt recovery action can be taken against a lot owner - In accordance with Regulation 19.
Mortgagee in possession – Now responsible for the Owners Corporation recovery costs of unpaid levies – my personal favourite!
Levy Notice – 30 days’ notice (minimum) is now required before the levy due date. This rule also applies for special levies when funds may be required immediately – In accordance with Section 83 (3)
Discount on Levies – Now only ordinary resolution required where previously a special resolution was required – in accordance with section 85 (4)
Special Levies – Now can be raised to either the Administration Fund or Capital Works Fund.
Let Vital Strata provide you with professional guidance on these matters. Contact Vital Strata today – we can help!
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