The income from levies is what enables a body corporate to pay for services provided and maintenance of the common property. As members in the scheme are proportionately responsible for their share of levies, it is essential that they pay their levies timeously. When members do not pay their levies, it can quickly result in financial distress for the body...
While many schemes have their financial year-end in February or June, it will vary from scheme to scheme. Regardless of the month in which the financial year falls, a body corporate must prepare an administrative budget for submission at the annual general meeting (AGM). To do this, the trustees must plan to allow themselves the time to put together an...
One of the most confusing terms in sectional title is exclusive use areas (EUAs). Owners with exclusive use rights are often the first who find themselves unfamiliar with their obligations regarding EUAs. Types of exclusive use areas EUAs can be defined as areas that are part of the common property of a scheme for the exclusive use of certain owners. An owner enjoying exclusive rights to an...
Not all sectional title investors elect to live in the complex where they purchased a unit. It is quite common to buy in sectional title schemes with the intention of letting. Body corporate requirements Renting out an apartment is not always as simple as it may seem. The body corporate may have rules around how long an apartment may be rented; it...
Sectional title developments typically have standardised designs and uniform materials are selected for windows and doors. Although windows and doors are part of a section, they effectively form part of the common property. While the management and maintenance of common property are the trustees’ responsibility, owners are responsible for 50% of the cost to maintain windows and doors. Replacing windows or doors When...