Sectional Title Scheme Management
PUBLISHED 28 JAN 2020
Who does what in a sectional title scheme?
There are 4 major or key role players in a sectional title management scheme:
Owners: who are known as the body corporate.
- Trustees: who are elected by the body corporate.
- Chairperson: elected by the trustees and
- Managing agent: contracted by the trustees.
The key roles of the owners (body corporate) and the trustees are all done in conjunction with the Managing agent.
Key roles of Owners (body corporate):
- Oversight of all the scheme’s bank accounts.
- Oversight of the levy roll.
- Maintenance of the scheme’s common property.
- Maintain records of all owners or tenants.
- Enforcement of scheme’s rules.
- Ensuring the building is adequately insured.
Key roles of the Trustees:
- Maintenance of account records.
- Insuring the building.
- Determining levies.
- Ensure the collection of levies.
- Management of bad debt.
- Invest and manage surplus funds.
- Keeping of meeting minutes.
- Prepare AGM documentation.
- Prepare monthly financial statements.
- Prepare plans for next financial year.
Key roles of the Chairperson:
- To chair all meetings of the body corporate and the Trustees.
- Ensure that all meetings follow correct procedure and ensure order is maintained.
- Make the deciding vote in the case of a stalemate.
Key roles of the Managing agent:
- The Managing agent is appointed by the trustees to manage all aspects that fall under the responsibility of the body corporate and the Trustees.
- Communicate with all role players including decisions made by the trustees.
- Collect and maintain levy register.
- Act as an advisor and go-between on all issues relating to the body corporate.
A well-run sectional title scheme requires a close working relationship to exist between trustees, body corporate and the managing agent.
If you are looking for an efficient and professional hands-on managing agent please contact Cape Letting Property Management on email@example.com
or call Ricardo on 021 685 0290 or 079 277 2980 during office hours.