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 info@capeletting.com

or call Ricardo on 021 685 0290 or 079 277 2980 during office hours.