Like any business, a body corporate is dependent on the income it derives from its operations. In the case of a body corporate, this income comes from its members paying levies without which the body corporate cannot function. How are levies calculated? The budget must be tabled for review and approval by the scheme members at every annual general meeting (AGM). The...
Owners in a sectional title scheme who own more than one unit next to, or above, each other can opt to have their sections consolidated into one. While this is not a complicated process, it does need to comply with a few regulations of the Sectional Title Act. Why consolidate two sections? The consolidation of sections is normally determined by two factors...
On 1 July 2021 the Protection of Personal Information Act (or POPI Act) commenced. This act will have substantial bearing on how institutions, companies and other organizations - as keepers of information - protect and use information they have in their possession. This includes all community schemes such as bodies corporate. While the Act does not set specific rules, it does...
Parking bays and store rooms can be quite a controversial subject, especially when it comes to a unit being sold of which the owner has had the use of a parking bay or a store room. It is commonly assumed that such a parking bay or store room belongs to the seller and they have the right to sell it...
Managing the finances of a body corporate requires careful attention, both to the budgeting process and the implementation of maintenance projects within the framework of the approved budget. Budget control is key One of the most important fiduciary responsibilities of trustees is to manage the budget effectively. Without careful budget planning and control, the scheme may not have sufficient funds for planned...