What is a Section 27 and what does it mean?
When you hear someone talk about a Section 27, they are simply referring to Section 27 of the Sale of Land Act, Early Release of Deposit Authority. Often suggested by real estate agents as part of the transferral process, a Section 27 can be extremely beneficial to Owner-Occupiers selling their home. When a purchaser pays their deposit for a property as part of their formal offer, typica...
What do my Owners Corporation levies pay for? Who determines how much they are?
This is one of the most common questions our Owners Corporation Managers receive, and rightfully so! It is often the last thing on people’s minds when purchasing a property however it is still an important factor to consider. The levies you pay go toward a wide range of costs which can differ based on the type of levy you are paying. There are also several factors at pla...
What does an Owners Corporation Committee do?
Ah, the Committee! A commonly misunderstood entity in the Owners Corporation space that plays a vital role in the management of your property and its affairs. Let us first elaborate on their arrangement before getting into the nitty-gritty of what they do. An Owners Corporation with 13 or more Lots must elect a Committee at each Annual General Meeting. Owners Corporatio...