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.
Some community schemes pride themselves in having ultra-low levies, while others struggle to garner the funding to keep themselves afloat. Both situations are undesirable from a financial viewpoint, and there is significant value in keeping a close eye on your sectional title scheme’s admin fund budget and 10-year maintenance plan at all times.
The cost of maintenance for a sectional title scheme is commonly determined by its size, the current state of repair and the extent of maintenance required. To gauge these costs, the body corporate needs to obtain quotes from the relevant contractors.