As a sectional title owner, it is crucial that you know what the body corporate of your complex is up to.
Stand-in host, Thabo Mdluli spoke, to specialist sectional title attorney and director at BBM Attorneys, Marina Constas.
Constas said that buying into a sectional title complex makes you one of many owners, who are collectively known as the body corporate.
And then you have your trustees, which would be the committee set up to manage the daily operational running of that scheme.
Constas said owners were responsible for looking after the asset value of their properties within a sectional title complex.
You need to be quite involved in the scheme, you need to attend the meetings, and you need to understand what’s going on.
Marina Constas – specialist sectional title attorney
She said incapable trustees, for example, can oversee the deterioration of a building.
This includes trustees not enforcing the rules and managing the building financially and otherwise.
Then you are going to face a problem because that complex is going to deteriorate and your asset value is going to decrease…
Marina Constas – specialist sectional title attorney
She noted that the worst-case scenario would be a creditor placing the building under administration.
Owners need to be pretty switched on.
Marina Constas – specialist sectional title attorney
This article first appeared on 702 : How to ensure your body corporate is performing its duties
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