levy

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In terms of sectional title property, the levy is an owner's contribution to the levy fund set up by the body corporate. Each owner's levy contribution is calculated according to the participation quota (or the nominated value) of his/her sectional title unit.

The sectional title levy fund pays for the repairs and maintenance to the common property, as well as water and electricity consumed on common property, insurance, salaries of cleaning personnel and other employees, and every other conceivable expense related to the common property in a sectional title scheme.

The body corporate cannot function without receiving regular levy payments from the body corporate members. The levy fund must have sufficient funds to pay all the expenses of the body corporate.

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