All Topics / Help Needed! / What are strata levies?

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  • Profile photo of kenzelkenzel
    Member
    @kenzel
    Join Date: 2007
    Post Count: 51
    October 13, 2007 - 9:28 am

    Hi All,

    Just wanted to know what they are and whether they apply to townhouses.

    Any response would greatly appreciated

    Thanks,
    Ken

    Profile photo of kelbrenkelbren
    Member
    @kelbren
    Join Date: 2004
    Post Count: 30
    October 13, 2007 - 10:39 am

    Hi Ken

    Strata levies usually take 2 forms. An administration levy that is used by the body corporate for the adminsitration of the strata and includes things  like minor repairs to common property, building/public liability insurance, management expenses, garden maintenance, common property electricity and water. The 2nd levy is called the Sinking Fund and is used as a means of putting funds away to undertake major maintenance, upgrade of the building. Each levy is payable by each unit owner quarterly and the amount is usually set by the Body Corporate at its AGM.
    If you are purchasing a town house that is on either a strata title or community title you will be subject to Strata Levy both administration and sinking fund ) each quarter.
    I hope this assists
    Cheers
    Kel
Viewing 2 posts - 1 through 2 (of 2 total)

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