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Calculation of Monthly Delay Compensation for Unpaid Duties

According to the Law on Condominium Property 20. md.;

(Modified: 13/4/1983 - 2814/9 d.) A lawsuit may be filed against the owner of the floor who does not pay the share of expenses or advances, by each of the other floor owners or by the manager, in accordance with the management plan, this Law and the general provisions, and enforcement proceedings may be carried out. The owner of the floor who does not pay the full share of expenses and advances (dues) is obliged to pay delay compensation with a monthly five percent account for the days when he is late in payment. (1) By

Article 9 of Law No. 5711 of 14/11/2007, the phrase “protection” in paragraph (b) of the first paragraph has been added, followed by the phrase “protection” in paragraph (b) of the first paragraph, and the phrase “ten percent” in the second paragraph has been amended to “five percent” and has been transposed into the text.

Compensation for delay, provided for in article 20 of the Law on Condominium Property (Kmk.), is a compensation that includes both default interest and a criminal requirement.

The legislator did not consider it sufficient for the floor owner who did not pay the joint expense or advance debt within the period of time to pay default interest only at the rate of 9% per annum in accordance with Law No. 3095, and introduced this provision and rate by adding the penal requirement of 51% annually (the penal condition added to the statutory execution).

This justification has taken its place in the KMKD, as well as in our laws regulating tax receivables.

Most sites on the Internet refer to the 5% rate charged monthly as late interest. This is a completely wrong concept and 5% of the amount charged to contributions is compensation for late payment.

The delay compensation rate specified at 5% per month can be changed by decision of the board of directors. If there is no decision of the Board of Directors on this issue, this rate is calculated as 5% per month specified in the law.

Now let's make an example calculation; suppose that a person in a building with a fee of

100 TL made an account deduction as of 10.02.2016.

Account Execution Date: 10.02.2016

Monthly Delay Compensation Rate: 5%

Transaction Date

Total Debt

Number of Days of Delay

Compensation Amount

Total
Debt

	Maturity Date		Total Receivable		Compensation Rate (%)
01/09/2015	30/09/2015	200.00	0.00	133	22.17	44.33	244.33
October 01, 2015	October 31, 2015	200.00	0.00	102	17.00	34.00	234.00
Nov 01, 2015	November 30, 2015	200.00	0.00	72	12.00	24.00	224.00
Dec 01, 2016	December 31, 2015	200.00	0.00	! 41	6.83	13.67	213.67
01/01/2016	January 31, 2016	200.00	0.00	! 10	1.67	3.33
203, 33
01/02/2016	February 29, 2016	200.00	0.00	! 0	0.00	0.00	200.00

TOTALS:		1,200.00	0.00			119.33	1,319.33

Calculation Formula

Amount of Compensation to Apply Per Month = Dues X 5/100 Days of
Delay = Account Cut Date - Maturity Date
Daily Delay Compensation Rate = Monthly Delay Compensation Rate/1 Month (30 Days)
Compensation Amount = Daily Delay Compensation Rate X Number of Delay Days In the

above table Let's calculate for 200 TL dues debt due 30.11.2015; Monthly compensation to be applied Let's find the amount of interest; 200 TL X 5/100 = 10 TL (Monthly

the amount of compensation to be processed) Let's find the number of days of

delay;
10.02.2016 - 30.11.2015 = 72 Days

Now I will show you the calculation

in two ways I. Way: Calculation by finding the daily compensation amount Let's find out the amount of compensation to be applied

daily; The amount of compensation to be processed at the end of the month since our

monthly delay compensation rate is 5%; 200 X 5/100 = 10 TL Monthly 10 If TL will apply the compensation amount, the daily amount of compensation

Let's find out;
10 TL/30 days (1 Month) = 0.33333333333 TL per

day according to processing the compensation amount;
72 days X 0.333333333 TL = 24 TL If we have total debt; 200 TL + 24 TL = 224 TL.

ii. Way: Calculation by finding the daily compensation rate Let's find the compensation rate that we will apply

daily;
5/30 = 0.1666666667 that is, compensation will be applied at the rate of
0.1666666667 per day for the late contribution.

Accordingly, the total compensation rate to be applied from the maturity date to the account cut-off date will be
0,166666667 X 72 = 12%.

If our total debt amount is;
200 x 12/100 = 24 TL (applied late compensation amount)
200 + 24 = 224 TL (our total debt)

Explanations;

The amount processed at 5% per month is only processed into the main currency. The amount of compensation added to the principal by calculating it earlier is ignored
The calculated amount of compensation is calculated on 5% per day.

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