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 […]
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.
Are you aware that body corporate trustees can be held personally liable for the shortfall in insurance in the case of underinsurance, as a result of an erroneous valuation? But how can this occur if the body corporate has trustee liability cover in place?
What owners often do not realise is that all structural additions and extensions have to be approved, first by the body corporate (STSM Reg 30), and then by the municipality. Following construction, the alteration must then be verified by a land surveyor and approved by the Surveyor-General to make the amendments to the sectional plan official.
As a business that is always looking to learn more about the sectional title industry and how to serve it better, Mirfin conducted a client survey with the objective of gaining a more thorough understanding of the needs and preferences of industry decision-makers and, more specifically, to understand what managing agents expect from service providers in terms of service delivery in 2021.