Question: Our owners corporation held an AGM to impose a one-off payment of $100,000 divided between 33 units. The special levy is due in six weeks. Can we arrange to pay in instalments? We are seniors and don’t have the funds available. Why have they done this?
Answer: Contact your strata manager as soon as possible.
It is possible that your scheme has to undertake some substantial remedial works (as the owners corporation must due to its statutory obligations) and requires additional funds to do so.
Since you state that you are short of funds, you should contact your strata manager as soon as possible to seek the owners corporation’s consideration of a payment plan for your specific needs (which must be done at a general meeting) over a 12 month period (unless the owners corporation has already determined it does not wish to enter into payment plans).
Each application for a payment plan should be assessed on merit, and an owners corporation may seek proof of any financial hardship.
This post appears in the June 2024 edition of The NSW Strata Magazine.
Leanne Habib Premium Strata E: info@premiumstrata.com.au P: 02 9281 6440