n Personal Finance Newsletter - Levy defaults cripple sectional title schemes : property

Volume 2009, Issue 345
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It's not just bank managers that have a headache as they watch home-owners repay loans late or not at all. Sectional title schemes and home owners' associations are seeing their finances deteriorate as owners struggle to keep up with levy payments. Some 50% of all members of Western Cape sectional title schemes and home owners' associations are behind on their levy payments - and this can result in the entire scheme deteriorating, maintenance backlogs or, even worse, the scheme running out of funds and ending up in liquidation.

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