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If history is an indicator, Bodies Corporate need adequate protection against rogue Managing Agents.
There are various ways a Body Corporate can protect itself against unfortunate incidents.
Prescribed Management rule 29.2(b) states that the trustees obtain fidelity cover for the maximum funds held in the current account as well as investment accounts of the Body Corporate. We would furthe... Read more
On occasion there have been claims submitted for walls that have either cracked or fallen over due to a tree’s roots that have grown under the wall and lifted it. These claims have been repudiated due to the fact that this is seen as an occurrence that could have been prevented by the trustees or owner prior to the tree been left that long in order to cause this problem. However, shoul... Read more
Do you own property through a trust, company or CC? Transfer it into you own name before 31 December 2012 to avoid paying transfer tax Those who own residential immovable property in the name of a juristic person (Ie. a trust, company or close corporation (CC)) have until 31 December 2012 to transfer the property into their own name without paying additional taxes if the benefi... Read more
People who default on their levies in sectional title complexes can expect to be harshly penalised with penalty interest and administration fees in accordance with Body Corporate policies as determined from time to time.Levies represent the financial health of a Sectional Title scheme. Annual financial statements and debtors lists are becoming commonly requested by banks when determining the credi... Read more
There has been some debate with the implementation of the new consumer protection act surrounding the popular "voetstoots" clause used in contracts.
Some property law commentators have argued that the seller and his agent will no longer be protected by the fact that a defect was not apparent to them at the time of transfer, as the new law stipulates that every member of the ‘supply chain&rs... Read more
One of the most common questions we have been asked lately in practice is how to deal with troublesome Managing Agents and how to go about the process of changing Managing Agents.As with many service providers, notice periods and the terms of cancellation depend entirely on the contract you have with your Managing Agent. Many contacts for management preceed the appointment of the current boar... Read more
We've spent a lot of time discussing the fundamental aspects involved in Sectional Title Management, but have not previously addressed the question of what exactly Sectional Title is.
There seems to be a lot of misunderstanding regarding the concept of Sectional Title, we detail the concept and consequences of a Sectional Title scheme which all should be understood before buying i... Read more
A few important functions of Managing Agents
Managing Agents are appointed for Bodies Corporate to fulfill certain operational, administrative and legal duties or requirements.
Managing Agents are also expected to stay up to date with changes in legislation, both in Sectional Title as well as other areas of law.
The administration of levy accounts is one of the most important and often overlo... Read more
The National Credit Act, Act 34 of 2005, more popularly known as the colloquial term, "the NCA" became fully operational in South Africa on 1 June 2007.
The NCA replaces the Usury Act, 73 of 1968, the Credit Agreements Act, Act 75 of 1980 and the Integration of Usury Laws Act, 57 of 1996, which was the primary legislation governing the granting of credit within the financial services industry sin... Read more
The Consumer Protection Act
From 2011 and after the implementation of the Consumer Protection Act (“The Act” or “CPA”), South African consumers will be among the best protected consumers in the world. South Africa, a company with a diverse population and history of persecution has been the breeding ground for many empires preying on not only the uninformed but also the mis... Read more
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