How do I find out current levy amounts before buying a lot?
Answer
There are several ways to find out the current levy amounts for a lot you are considering buying:
**Seller's disclosure statement:** The seller is legally required to disclose current levies before you sign the contract.
**Body corporate search:** A specialist search agent compiles a report from the body corporate manager's records, showing current quarterly levies, any approved special levies, and the fund balances. This is the most comprehensive and reliable source.
**Real estate agent:** Can usually provide the current levy schedule, though always verify against the formal search.
**Direct contact with the body corporate manager:** If you have the manager's details, you can request a levy certificate.
Factor the levies into your total ownership costs before purchasing — levies vary enormously between schemes and can be a significant ongoing expense.
This article is general information only and not legal advice.
This is general information only and does not constitute legal advice. For complex matters, consult a licensed strata lawyer.