Question: We owners are being issued a $40,000 special levy. The owners corporation are suggesting we pay in instalments over a 3 year period. We’ve been advised that we can’t pay in full, which is our preferred option. Is this the case?
Answer: A levy can definitely be paid off in advance, particularly given the full amount is known. The account would just remain in credit balance until enough levies have accrued against it to remove the balance.
This post appears in the September 2021 edition of The NSW Strata Magazine.
Andrew Terrell Bright & Duggan E: Andrew.Terrell@bright-duggan.com.au P: 02 9902 7100