HOA 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...

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...

04 Oct Smoking in sectional title schemes: What are your rights as a smoker and a non-smoker?

Posted at 16:40h in Property

Smoke is always a controversial issue in sectional title schemes due to the proximity in which people live. In South Africa, smoking tobacco products is governed and regulated by the Tobacco Products Control Act (TBCA), which regulates smoking in public places, among other functions, and is defined as “any indoor, enclosed or partially enclosed area which is open to the public”. While...

27 May How to best manage a community scheme’s funds and investments

Posted at 15:58h in Property

As a body corporate cannot function without funds, managing the scheme’s funds is one of the most important responsibilities the trustees have. While the trustees make decisions on how and when the funds must be allocated, they do not actually manage the funds themselves - this function falls on the managing agent. This is where problems sometimes arise and it is...

08 Apr Which legislation applies to HOAs?

Posted at 10:32h in Property

When it comes to the Sectional Title Schemes Management Act (STSMA), the Community Schemes Ombud Service (CSOS) and the Community Schemes Ombud Service Act (CSOSA), it is generally understood that the STSMA and CSOS applies to sectional title schemes; however, there is some confusion as to whether it applies to homeowners’ associations (HOA). Since the CSOS is a body that provides...