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.
There has been much discussion around disclaimer notices in community schemes, mainly concerning the correct wording thereof. However, the effectiveness of a disclaimer is also determined by other factors which are often neglected. The disclaimer must be worded in plain and concise language for ease of reading and understanding.
The valuation is compiled remotely, based on the latest approved sectional title plans, public imagery and a telephonic interview with a representative of the body corporate.
When the new Sectional Title Management Act came into effect in October 2016, the number of valuers that claim to specialise in sectional title valuations increased considerably as this new market presented a lucrative new opportunity for many valuers.