Mirfin’s 10-year maintenance, repair and replacement plan template revolutionises property management for trustees and managing agents by offering a hassle-free, efficient solution to an often complex and time-consuming task. This innovative tool allows users to effortlessly generate a comprehensive 10-year plan in a matter of minutes, without the need for specialised accounting skills. Click here […]
In the previous post, we addressed the most frequently asked questions regarding sectional title levies (read it here). In this post, we’ll explain how bodies corporate calculate these levies. Setting levies without bias When calculating sectional title levies, it is crucial to make impartial decisions. The process of determining body corporate levies should be transparent […]
What are body corporate levies and why are they important? In sectional title ownership, a body corporate is responsible for the management and maintenance of the common areas and facilities within a development or complex. Alongside the body corporate’s obligation to establish a thorough 10-year maintenance plan, each individual owner of a sectional title unit […]
The reserve fund, admin fund and levies all play an important role in creating a successful and sustainable 10-year maintenance, repair and replacement plan for bodies corporate and homeowners’ associations. The admin fund is used for day-to-day expenses such as repairs and maintenance, while the reserve fund is set aside for major expenses that are […]
10-Year Maintenance, Repair and Replacement Plans for Sectional Title Schemes: What you need to know
A body corporate has the responsibility to plan for the maintenance, repair and replacement of their scheme’s major capital assets. According to the Sectional Titles Schemes Management (STSM) Act, all sectional title schemes are required to have a 10-year maintenance, repair and replacement plan (MRRP) in place. Below are the most frequently asked questions we […]
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