- This topic has 2 replies, 3 voices, and was last updated 6 years, 11 months ago by .
-
Topic
-
Hi
Could anyone shed light on what happens to the responsibility of a levy imposed on a lot which is owned by a company that has been in receivership since 2007 in New South Wales? There are 12 Lots in the complex and two are owned by the company.
If the Lot owner, who is under a 99 year lease passes away, who is responsible for the levy? What happens if a purchaser is not found for the Lot because of the levy?
The Lot owner under a special use by-law was made responsible for any costs or works on the Lot and was to agree to take out insurance to cover any costs associated with the lot. We didn’t know the Lots were owned by a company. We have a Strata manager but he also didn’t know.
-
Replies
-
The debt follows the lot. Any purchaser would have their conveyancer negotiate outstanding debts & a corresponding reduction in price with the seller.
At every AGM we vote on our debt recovery procedures.
I suggest you consult a debt recovery specialist who knows strata.
@tharra said:
I suggest you consult a debt recovery specialist who knows strata.This is excellent advice. Strata debt recovery agencies know the law inside out and the reasonable costs of their services in pursuit of the debt are borne by the debtor. Yes, sometimes you can get a free lunch!
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.
- You must be logged in to reply to this topic.