New owners liability for last minute special levy

› Forums › Buying and Selling › Current Page

Create New Reply
  • Creator
    Topic
  • 14/12/2020 at 9:23 am #53549 Reply | Quote
    4atRW
    Flatchatter

      Our self-managed strata are planning a special strata meeting which may involve striking of a special levy for overdue common property repair work.
      One of the owners has sold their unit 4 weeks ago and will settle early February.
      I understand that the new owners will be required to pay their share of the levy but they will be unaware of this. Should the new owners be at the meeting?How are their interests represented given that they will required to pay?

    • Creator
      Topic
    Viewing 4 replies - 1 through 4 (of 4 total)
    • Author
      Replies
    • 14/12/2020 at 9:23 am #53551 Reply
      Jimmy-T
      Keymaster

        Please clean up your coding and repost

        If you want to be alerted when anyone replies to your posts or responds to this topic, please register and login, then you will be able to subscribe to the topic. The opinions offered in these Forum posts and replies are not intended to be taken as legal advice. Readers with serious issues should consult experienced strata lawyers. NB: Longer threads may spill over to additional pages - look for the numbers on the bottom right, under the last post.
        Quote
        14/12/2020 at 9:11 pm #53561 Reply
        4atRW
        Flatchatter
        Chat-starter

           
          <p class=”p1″><span class=”s1″>Our self-managed strata are planning a special strata meeting which may involve striking of a special levy for overdue common property repair work</span></p>
          <p class=”p1″><span class=”s1″>One of the owners has sold their unit 4 weeks ago and will settle early February. </span></p>
          <p class=”p1″><span class=”s1″>I understand that the new owners will be required to pay their share of the levy but they will be unaware of this.</span></p>
          <p class=”p1″><span class=”s1″>Should the new owners be at the meeting?</span></p>
          <p class=”p1″><span class=”s1″>How are their interests represented given that they will required to pay? </span></p>

          Quote
          14/12/2020 at 9:40 pm #53564 Reply
          Jimmy-T
          Keymaster

            Despite my request, you reposted in exactly the same format.  I cleaned it up myself.

            When you copy and paste (especially from Apple)  the coding sometimes carries over.  If this is happening please type your post directly on to the website or paste your document into a text-only format then copy it from there.

            If you want to be alerted when anyone replies to your posts or responds to this topic, please register and login, then you will be able to subscribe to the topic. The opinions offered in these Forum posts and replies are not intended to be taken as legal advice. Readers with serious issues should consult experienced strata lawyers. NB: Longer threads may spill over to additional pages - look for the numbers on the bottom right, under the last post.
            Quote
            15/12/2020 at 2:37 pm #53579 Reply
            scotlandx
            Flatchatter

              Until the contract is settled the buyers have no right to attend a meeting or vote, because they are not the owners. The current owner could give them their proxy but that is up to them.

              Note this situation is dealt with in the standard contract of sale. If the special levy is struck after the contract date, the purchaser is liable. Refer clause 23.6 of the standard contract.

              A number of adjustments are made at settlement, such as council rates and regular levies.

               

              Quote
            • Author
              Replies
            Viewing 4 replies - 1 through 4 (of 4 total)
            Reply To: New owners liability for last minute special levy
            PLEASE ... If your property is not in NSW, mention its location (state). Don't identify companies or individuals by name. Don't mention or promote your company or services. Keep acronyms and initials to a minimum. Please, don’t use “quote” unless there is a specific point to which you wish to refer, then highlight (define) that specific passage before you click on "quote". Otherwise just use reply. THANKS.

            You can use BBCodes to format your content.
            Your account can't use all available BBCodes, they will be stripped before saving.

            Your information:




            › Forums › Buying and Selling › Current Page