Lucia Erasmus, a real estate law expert at Cliffe Dekker Hofmeyr, provided a breakdown of how body corporates, owners’ associations or mixed-use developments fund levies.
In this calculation, the bigger your residential unit in the community, the higher your levy owed to the body corporate. For example, if a lift is dedicated for the use of residential owners only, then any expense relating to the maintenance and replacement of the lift should be allocated to and covered by the owners of residential units only.
She said the management structure must be carefully considered to ensure that the rules give clear guidelines on the allocation of expenses.
“A member of a scheme with a stabilisation fund is normally required to make a once-off payment to the body corporate or owners’ association on the sale of the member’s unit or property.”
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