Sectional title corner – MUST we have a separate account for CSOS levies?
Hi, I have two questions:
- In order to collect the CSOS contributions do we have to open a separate account to deposit the funds into?
- What recourse does the body corporate have in recovering levies that are in arrears?
Many thanks. – Irene
Hi Irene, we are going to keep the CSOS levies separately due to the fact that it is only payable quarterly and our complexes might use it for something else if it just stays in the normal bank account. But there is nothing in any of the acts that state that you MUST do so.
As for arrear levies you still have the option of taking legal action, but the introduction of the Ombud is giving complexes a cheaper, quicker way to collect arrear levies.
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Who is Karien Coetzee?
Karien Coetzee is the national property management consultant at property management company, Trafalgar. She holds qualifications in sectional title schemes management and homeowners association management.