Insurers of sectional title schemes have a love-hate relationship when it comes to geysers as a result of the frequency of claims and the costs involved. Geysers are insured in different ways: Some insurers specify the size of the geyser (in litres) and others the age of the geyser. In addition, insurers also limit the amount that can be claimed when...
Hosting a successful body corporate general meeting is always a challenge. When a sufficient number of owners do not attend the meeting, a quorum will not be met and it can result in an unnecessary waste of time for those owners who did make the effort to attend. This means that the trustees need to postpone the meeting for a...
In a sectional title scheme, the trustees are responsible to ensure that the common property is managed and maintained within the legislative and budget parameters and provisions. Careful consideration must be given to the maintenance of the common property as it will not only affect the annual budget but also the levies payable by the members and the appearance and...
Managing a sectional title scheme is not an easy task; it requires time, knowledge and experience. For this reason, it is important for trustees to understand the legislative principles of sectional title living that governs it. Choose the right managing agent Unfortunately, trustees are not required to have a certain level of experience or knowledge and as a result of this, appointing...
While a body corporate is not deemed a business in the sense that its goal is to make money, it is important that a body corporate is run with sound business principles in mind. To achieve this the trustees must manage the scheme in a responsible manner to ensure it is financially independent and secure. There are five key principles of...