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Who would get this “late fee”, the OC or the agent? Wouldn’t you only be deemed “unfinancial” if you have not paid the levy and any interest accrued?
The penalty interest goes to the owners corp admin fund. The strata manager may subsequently charge reasonable costs for recovery of debts but that would end up back in their coffers, one way or another.
My understanding is that your bill is not “unpaid” until the 30 days following the date of the invoice have expired but once that has passed, the statutory interest accrues from the date of the invoice.
In the case of loss of voting rights, this occurs if the owner has unpaid levies when the meeting agenda is issues and doesn’t pay them before the meeting is held.
Many strata managers deem payment to have been received when the money is in their bank accounts, to avoid ugly scenes such as unfinancial owners turning up at an AGM with personal cheques and demanding the right to vote.
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.
- This reply was modified 2 years, 8 months ago by .