Two questions:
1) Can interest be charged on the outstanding fees, and if so is there an easy way to calculate said interest?
Unlike in NSW, where penalty interest charges are the default, in Victoria they are an option which must be imposed (or not) by a simple majority decision taken at a general meeting or a strata committee meeting (if the SC has delegated powers). I say “or not” because a decision to waive penalty rates and the reasons for it must be reported to the next AGM.
The maximum penalty interest rate is 10 percent, I may be wrong on this but I believe you could calculate the money currently owed by compounding the interest starting with the first defaulting quarter. Say the lot owed $1000 from the first quarter, by the second quarter it would be $2100 ($1,000, plus 10% plus the next $1000). The following quarter it would be $3210 ($2,100 plus 10% plus another $1000 in new fees). You can see how this would add up very quickly
2) Is there a time limit on just how long until something has to be done by the surviving family? Thanks in advance.
I don’t think there is any set time so it is very important that you establish now how much is owed, with a revised bill going out every quarter. You need to establish your OC as a creditor so that you and your neighbours get what’s owed before the surviving relatives get their shares.
I think the receipt of an accumulating bill might prompt the beneficiaries of the estate to wrap things up. You can also look at establish the debt in a local court so the your OC gets the first payment to come from the sale of the unit.
Have a look at Section 29, Section 30, Section 31 and Section 32 of the Act. If the sums are high, it would be a very good idea to speak to a strata lawyer.