A brief review of Sectional Title
Sectional Title is a type of community living ownership whereby one becomes an owner of a portion, or section, of a building or complex that has been divided into a number of units. Each owner in the complex then owns his own unique section plus an undivided share of the common property, which effectively are all those parts of the complex which do not comprise sections, but contribute to the infrastructure and assets of the complex or building, for example the land, gardens, entrances and shared facilities.
The advantages of Sectional Title are security, lower cost of ownership due to shared expenses and resources and access to facilities which may not have been available or affordable in a free-standing home.
Sectional Title schemes are given legal status through a Body Corporate (BC) which is an assembly of all the owners of sections in the scheme. The BC will normally appoint Trustees to attend to the day-to-day running of the scheme. Trustees are given delegated powers by the BC members to empower them to run the scheme effectively and the BC and scheme are governed by the Scheme Conduct and Management Rules, which must accord with the provisions of the relevant laws.
This can be an onerous task, so Trustees may decide to appoint an Executive Managing Agent, such as Ibrox, to run the scheme effectively.
Well-Run Schemes Are Built On 5 Pillars
Well-run schemes are based on 5 Pillars: Physical, Financial, Logistical, Community & Compliance, none of which will succeed without hands-on, personal care from managers and services providers. You won’t be web-surfing to find out the status of your issue, we will tell you!
Let’s unpack these 5 Pillars, which our services address:
Protecting, maintaining and repairing buildings, facilities and equipment of the scheme. Preparing the 10 Year maintenance plan and ensuring the best, most cost-effective contractors are used.
Preparation of Annual Budget and calculation of Levies. Billing and collection of Levies and utilities. Management of Bank accounts and Reserve Funds and preparation of Annual Financial Statements. Risk management strategies and arranging appropriate insurance cover.
Security measures and guarding, cleaning and gardening services for common property areas. Management of utility services, such as energy, water, refuse removal and data.
Communication with and between residents and owners. Management of resident information and maintenance of access control records. Facilitation of harmony amongst residents – we all want to enjoy living in this complex. If we as managers and residents get this right then the need for Dispute Resolution will be minimised, but ultimately this is a service we will provide should the need arise.
Ensuring we stay on the right side of applicable laws and Regulations governing community schemes, including CSOS & Tax returns, preparation and recording of meetings, including AGM’s, SGM’s, Trustees or Directors Meetings.
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