Basil Smith: The sectional titles act has recently been amended and a levy clearance advice must now include levies up to the end of the financial year of the body corporate. The trustees can insist on the monies being paid up front before the issue of the clearance advice. it is true that some sellers rely on the proceeds from the sale and for this reason the money is often paid on registration. An undertaking from a reputable attorney is often accepted by the body corporate however interest is added to the date of payment. A body corporate can never be out of pocket because a transfer may not be registered without a levy clearance certificate. The attorney can be held liable if he/she allows a transfer to be registered without first having first received the clearance certificate.
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