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 […]
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.
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.
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.