One of the most common concerns for potential sectional title buyers include the purchase price of the unit paired with likely rental return on investment. As an owner-occupier, the focus is different as it is generally focused on the scheme’s performance and the people entrusted to run the affairs of the body corporate. Before you buy into a sectional title scheme,...
Sectional title is filled with procedural requirements that need to be followed by owners, trustees and the body corporate to achieve certain objectives. Extending a section or improving an exclusive use area (EUA) falls within specific requirements of the Act. It is important to note the difference between the two and what is required for each of them. Extending a section A section...
Home security has become an all-important factor for South Africans to consider in their daily lives. The growing need for both domestic and commercial security created a massive industry that offers an ever-increasing range of security measures. No obligation to secure When reviewing the Act, it is evident that there is no obligation on trustees or owners to secure the scheme or...
Making provision for reserve funds in the annual budget of a body corporate has always been a bit of a guessing game for trustees. Some trustees preferred to keep the levies as low as possible and to rather raise a special levy when the need arises as opposed to maintaining higher levies that secured a sufficient reserve fund over time...
The sectional title industry has changed dramatically since 6 October 2016 – the day the new Sectional Titles Schemes Management Act took effect. The responsibilities placed on trustees and specifically on managing agents have increased overnight. Managing agents aiming to stay relevant in the sectional title industry had to quickly familiarise themselves with new legislation and operational procedures. A recent seminar presented...