The Sectional Title Schemes Management Act (STSMA) brought many new compliance requirements for sectional title schemes. Although some of these are from the old legislation prior to 2016, most are new and require more frequent assessment. Community Schemes Ombud Service (CSOS) All sectional title schemes are obliged to be registered with CSOS and each owner in a scheme must contribute a monthly...
If you are unsure about whether or your trustees are doing a good job of managing the body corporate, there are a few specific areas that you can investigate. In this article, we discuss five of the most important signs of poor body corporate management, namely poor recovery of levies, late or missed AGMs, slow (or no) response to repairs and...
Changes to the Sectional Titles Schemes Management Act 8 of 2011 (STSMA) on 7 October 2016 made fidelity insurance compulsory for bodies corporate. This means that the body corporate must insure itself against the potential loss of its funds by way of fraudulent or dishonest conduct by the trustees, managing agent or anybody who has access to these funds. Before the...