Once a body corporate already holds substantial funds in reserve, do they need to keep contributing to the maintenance reserve? In this blog, we address this question about reserve funds. What does the Act say? Naturally, owners do not want to make unnecessary payments, especially considering that the fact that when they sell their apartment, they will not be able to withdraw...

Making provision for reserve funds in the annual budget of a body corporate has always been a bit of a guessing game for trustees. Some trustees preferred to keep the levies as low as possible and to rather raise a special levy when the need arises as opposed to maintaining higher levies that secured a sufficient reserve fund over time...