Uncategorised

Where are the Executive Managing Agents?

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.

Uncategorised

Disclaimer Notice Signs in BC’s & HOA’s

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.

Uncategorised

Trustees made to pay out of their own pocket

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?

Uncategorised

Why it is critical to keep your sectional plans up to date

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.