We live in the age of instant communication. These days, people seem less willing than before to spend time talking on the telephone or attending a meeting in person. Aside from the effect of COVID-19, the exponential growth of technology in the communication sphere has certainly added to the reluctance of people to connect in person. Community scheme management has certainly...
The Sectional Title Schemes Management Act (STSMA) brought many new compliance requirements for sectional title schemes. Although some of these are from the old legislation prior to 2016, most are new and require more frequent assessment. Community Schemes Ombud Service (CSOS) All sectional title schemes are obliged to be registered with CSOS and each owner in a scheme must contribute a monthly...
Estate living in South Africa has shown a steady increase over the past decade, highlighting its popularity as an asset class. There are some interesting reasons for this phenomenon; let’s review some of the reasons why estate living has become so popular and why there is an increase in the development of estates. Growth of estates in different geographical areas Although...
Homeowners’ associations (HOA), or estates, as they are commonly referred to, differ from sectional title schemes in a number of ways, offering a few attractive advantages. Let’s consider a few of the most significant advantages of living in an HOA: Lower monthly levies Levies are typically lower than sectional title schemes as contributions are limited to common property expenses such as...
On 1 February 2022 the new Property Practitioners Act will commence. While this new consumer-driven Act aims to provide protection for consumers when purchasing, leasing, financing, renting or property, the requirements will be quite taxing for property practitioners. Below are a few changes of importance that the new law will bring to the industry. Property practitioners & Fidelity Fund Certificates The definition of...