when i sell my apartment will i get the body corporate fee back

When I Sell My Apartment Will I Get the Body Corporate Fee Back?


Apartment Specialists Podcast No: 59

Summary:

This podcast gives us an insight on what happens to the rest of the body corporate fee that has been paid advance when you sell your apartment.

TRANSCRIPTION:

Good day. Andrew Murray from the Apartment Specialists. Today we will talk about what happens when you’ve already paid your body corporate fee in advance. For example, you’re selling your apartment.  You paid your body corporate fee three months ago. What happens to that? You’ve paid it for the whole next year or you’ve paid it for the whole next six months. What happens to that money you’ve already paid when you sell your apartment?

Now what happens is, on settlement date, it will be apportioned. For example, let’s look at it like an orange. Let’s say you’re halfway through the year and you’ve paid the body corporate fee for the whole year. And when you sell that apartment, you’re halfway through the year. What happens is, on settlement date, you will get half of your body corporate fee back that you’ve already paid. It’s done just basically on percentage terms.

If you have paid your body corporate fee and you’re only 20% into that period, you will get the remaining 80% back. It’s pretty simple. When you go to sell your apartment, you’re going to get back the money you’ve already paid in advance for any maintenance and rates on your apartment as well.

Cool. Hope that helps. Cheers!

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