Managing the finances of a body corporate requires careful attention, both to the budgeting process and the implementation of maintenance projects within the framework of the approved budget. Budget control is key One of the most important fiduciary responsibilities of trustees is to manage the budget effectively. Without careful budget planning and control, the scheme may not have sufficient funds for planned...
Owners of units in sectional title schemes are often surprised when they need to pay an excess on a claim submitted to the body corporate’s insurers. It seems like many owners do not understand the relationship they have with the scheme’s insurance policy and the terms attached to such a policy. One of the important responsibilities of trustees is to ensure...
It can be quite costly when leaks cause damage inside a sectional title unit. This can happen when a geyser bursts or malfunction, or as a result of a leak from a pipe or the roof. The reality is that in many cases, the damage can be avoided – or at least, minimised – if it is maintained regularly. There are...
When owners are unable to attend a general meeting, they can appoint a proxy to attend and vote on their behalf. Previous legislation did not set out any clear requirements for appointing a proxy at a general meeting and the number of proxies a person could represent was limitless, leading to owners taking advantage of this loophole and not attending...
It is undeniable that managing agents are critical to the successful management of a sectional title scheme. Selecting the right managing agent for your scheme is an important decision for which the trustees are responsible for. So how does one go about making this big decision? In this blog post, we attempt to distinguish between the different types of agencies and the...