How does the participation quota (PQ) factor into the calculation of a scheme’s levies? The participation quota (PQ) of each unit in a sectional title scheme is based on the floor area of the section as specified on the sectional plan. The PQ determines the proportionate share of ownership interest that each unit has in […]
What are body corporate levies and why are they important? In sectional title ownership, a body corporate is responsible for the management and maintenance of the common areas and facilities within a development or complex. Alongside the body corporate’s obligation to establish a thorough 10-year maintenance plan, each individual owner of a sectional title unit […]
Our website provides comprehensive information that addresses common queries about the reserve fund. In this article, we will provide a guide on how to calculate your body corporate’s reserve fund. Discover the Mirfin Dashboard, our online platform that automates the updating of your levies when modifications are made to your reserve fund. Creating a reserve […]
What is a body corporate reserve fund? A body corporate’s reserve fund refers to a designated pool of money set aside by a collective ownership entity, to cover future expenses related to maintenance, repairs, and replacement of common property or shared assets. The reserve fund is typically funded by contributions from the individual owners in […]
The reserve fund, admin fund and levies all play an important role in creating a successful and sustainable 10-year maintenance, repair and replacement plan for bodies corporate and homeowners’ associations. The admin fund is used for day-to-day expenses such as repairs and maintenance, while the reserve fund is set aside for major expenses that are […]
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