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This article explains how to recover outstanding levies in South Africa and the legal process that must be followed to do so effectively. It’s of utmost importance that this legal process is followed correctly in order for the collection of outstanding levies to be successful.
Bodies corporate are compelled to make provisions for reserve funds on an ongoing basis which fits into the long-term, obligatory maintenance requirements of the scheme.
Prescribed debt is debt that is no longer valid as it has not been recognised or pursued by the creditor, nor acknowledged or paid by the debtor for more than 36 months.
Owners of homes in sectional title schemes may be seeking sectional title levy relief to help them cope financially during these difficult times, considering they are still liable to pay home loans and other personal debt commitments.
The introduction of changes to marriage laws in South Africa can be expected as The Department of Home Affairs is developing new policies which are built on the foundation of the constitution.
Many South Africans are wondering if executing a will during lockdown is possible and, if so, how can it be done while meeting all the legal requirements? Here are some tips on executing a will during lockdown.
In the same way that trustees determine the levies for the year ahead during their annual general meeting, they also determine what interest rate will be applied to levies in arrears.
This is the second and final part of our “preparing for divorce checklist” series which looks at all the financial considerations when getting divorced in South Africa.
It is mandatory for owners or members of the scheme to pay their levies in full and on time to avoid placing the body corporate under unnecessary financial distress.
The decision to get divorced is not an easy one for couples to make as it’s the first step to a process which can be time consuming as well as emotionally and financially draining.
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