The decision to change Managing Agents can often be an agonising and troublesome task, in part due to the operational input the Managing Agent has on the Body Corporate and its finances.
If the Owners in a scheme feel there are sufficient grounds to change Managing Agents, they should inform the Managing Agent of their intention to change and thereafter call for and evaluate proposals from ... Read more
The importance of organizations such as NAMA
NAMA, the National Association of Managing Agents, is an important functionary body in sectional title management today.
It is not compulsory for Managing Agents to be members of NAMA, but one should always ensure that their managing agents are registered as FULL STATUS members with NAMA. All members of NAMA are bound by the code of conduct whic... Read more
When is the right time to change Managing Agents?
One of the most common problems in Sectional Title developments today is that Owners are saddled with Managing Agents who are either unwilling or unable to service the needs of the Body Corporate.
In practice, this creates much uncertainty in the building and can give a building a reputation for being mismanaged or have inadequate... 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
Section 5(4) of the Act provides that the common boundary between any section and another section or common property shall be the median line of the dividing floor, wall or ceiling, as the case may be.
If the frames are flush with the exterior surface of the wall, they are likely to be entirely common property.
If they are flush with the interior surface of such walls, they are likely to form ... Read more
In short, levies are payable for the upkeep and general day-to-day running of the common areas. Levies provide the Body Corporate with the funds required to meet monthly expenditure and, in most cases, also allows the Body Corporate to build up a Reserve Fund over time in order that funds are readily available should the Body Corporate need them.
The Reserve Fund is used either in the case of ... Read more