› Flat Chat Strata Forum › Finance, budgeting and loans › Owner deceased, no fees paid for over two years › Current Page
Jimmy
you may be wrong.
The penalty interest is 10% per annum, not per quarter and it’s simple interest, not compounded (that makes calculation easier).
Upon sale of a lot, the OC is always paid out any arrears. It’s what the lawyers call the adjustments. It’s for the purpose that the new owner is not stuck with the debts of the previous owner. The OC automatically gets a check for any outstanding amount.
Perhaps move a motion to engage a lawyer to start a debt collection. Include in the motion thst the defaulter pays all collection costs. Then take it to court.
This assumes that the building does not already have a motion outlining a debt collection process.