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 […]
Bodies corporate are responsible for managing and maintaining the common property of their sectional title scheme. This includes preparing a 10-year maintenance, repair and replacement plan to ensure that the property remains in good condition and to identify potential issues before they become costly problems. In order to fund this plan, along with the reserve […]
The body corporate is responsible for insuring the common property and built sections to the replacement value thereof. But what about the upgrades that owners make to their individual properties? The body corporate is NOT responsible for insuring owner-installed unit upgrades, such as: Swimming pools Security features Awnings Carports Lapas Air-conditioning systems Luxury interior finishes […]
The duties of body corporate trustees and HOA directors reached the next level of complexity when “asbestos management” was effectively added to their compliance checklist. The Asbestos Abatement Regulations 2020, issued in terms of the Occupational Health and Safety Act (Act 85 of 1993), came into effect on 9 May 2022.
Being a trustee of a body corporate is often a thankless task, but also a position that is seldom occupied by someone deemed to be adequately qualified to carry such tremendous responsibility. Trustees have a fiduciary duty to administer the body corporate’s financials on behalf of its members.