Sound financial management is absolutely critical for a body corporate to function optimally. To set a standard of good practice for the body corporate, good processes and procedures will structure the communication between the trustees and the managing agent, and will ensure that the body corporate’s funds are managed responsibly. Let`s have a look at what is expected of the trustees...
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...
Renovating your home is a very exciting venture but it can also be quite stressful. In a sectional title complex, it is important to remember that there are rules - and neighbours - to be considered in the process of renovating your unit. The body corporate Firstly, the body corporate trustees have to be notified of your intention to renovate your unit...
The act of voting at body corporate meetings is what legitimises the implementation of the decisions taken. While it is the trustees’ responsibility to ensure that all votes are counted and recorded correctly, this function is generally delegated to the managing agent. The responsibility of keeping track of all the votes has dramatically increased with the changes in voting procedures at...
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...