Sectional Title Management can be really tricky. Especially if you have a day job and are only involved in the management of your complex because you are one of those amazing souls that believe it is important to pull your weight and not leave the management of the complex to someone else who can’t say no.
The sad part is that most people buy into sectional title complexes without realising what is involved. Agents love to sell the prospective buyer that ‘the managing agent’ manages everything. “You do not have to worry about a thing.” I have come across so-called managing agents that you would not leave your pet Tamagotchi with, let alone your priced sectional title property. The reality is that if you want your property to grow in value, you need to have a basic idea of what sectional title property management laws are all about.
The ‘Bare Basics of Sectional Title Living’ is a summary of what you need to know to understand the in’s and out’s of managing your complex, without having to go through the effort of a full-time training course to certify yourself as competent enough to manage your complex.
The “Bare Basics of Sectional Title Management” includes:
- Importance to be an active Body Corporate Member
- When to do what in Sectional Title Management
- How Proxies work
- The basics of voting in sectional title management
- Sectional Title AGM Procedures
- Chairperson of a Sectional Title AGM
- The trustee meeting following the AGM
- How Sectional Title Resolutions Work
- Minutes of the sectional title meetings
- Financial Management of a Body Corporate
- Maintenance Repair & Replacement Plan
- MR&R Definitions
- MR&R Budget
- Special Levies
- Participation Quotas
- & a whole lot more.
Please bear in mind that the Bare Basics of Sectional Title Management is intended to assist laymen to get a better understanding of what to look out for. It is not intended to replace legal advice.
In our experience in a personal and professional capacity, owners of sectional title units buy the unit as an investment and not to develop a career out of it. As a result, they seldom have the knowledge to understand all the technical jargon that the management agent proclaims and have very little to stand on if they get the impression that something is not how it should be.
The legal implications of Sectional Title Management should not deter you to invest in a sectional title unit, nor should it become too cumbersome that you want to through in the towel.
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