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?
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.
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Andrew Terrell is a strata and facilities management professional, with close to 20 years’ experience in roles up to and including licensee in charge and state manager of Bright & Duggan.
Andrew works with strata owners and developers daily to help them achieve their desired outcomes. Andrew is a regular contributor to LookUpStrata.
Andrew is the director for Bright & Duggan and Cambridge Management Services in the Hunter NSW region. Andrew believes that the future for the strata industry is based heavily on amazing technology underpinned by great people, along with an increased focus on the expert management of the asset. Andrew's LinkedIn Profile.
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