body corporate Archives - Stonewood Properties

10 Nov Audits, transparency, and trust: Strengthening financial governance in your body corporate

Posted at 09:22h in Property

Good financial governance is the foundation of every successful body corporate. When owners can see how their levies are managed and know that funds are being used responsibly, it builds confidence and cooperation across the scheme. That is where regular audits and transparent reporting come in. Annual financial statement requirements Under the Sectional Titles Schemes Management Act (STSMA), every body corporate must...

22 Apr AGM checklist: The essential documents every sectional title owner needs

Posted at 12:21h in Property

Attending an Annual General Meeting (AGM) is an important responsibility for owners in a sectional title scheme. Certain documents must be provided before the meeting to ensure that everyone is well-prepared. These documents help owners make informed decisions and participate effectively. Essential documents for owners to review before the AGM, as prescribed by the Act: Annual financial statements Owners must receive the...

18 Mar How to protect yourself as a trustee and avoid liability

Posted at 13:38h in Property

Serving as a trustee in a sectional title scheme is a significant responsibility. Trustees are entrusted with managing the affairs of the body corporate, ensuring financial stability, and making decisions that affect all members. However, with this authority comes potential legal and financial liability. Understanding your duties and taking proactive steps can help mitigate risks and ensure you fulfil your...

27 Jan Why bodies corporate need fidelity insurance for sectional title buildings

Posted at 13:45h in Property

Fidelity insurance is a crucial safeguard for bodies corporate managing sectional title buildings in South Africa. It protects the financial health of the scheme and shields members from the potentially devastating consequences of theft or mismanagement of funds. Let’s look at why this type of insurance is essential, what it protects against, and the procedure to obtain it. Why fidelity insurance...

23 Aug Can a body corporate disconnect utilities?

Posted at 13:08h in Property

In sectional title schemes, disputes over unpaid levies are all too common, leading to a big question: Can bodies corporate cut off the electricity of owners who fall behind on payments? Earlier this year, the Gauteng High Court tackled this issue in two cases, offering insight into the legal complexities involved. A closer look In 2022, a case came before the court...