In today’s economy, managing a body corporate is more challenging than ever—just ask the trustees! Effective financial management is critical for any sectional title scheme, yet many bodies corporate find themselves in a cash flow deficit.
In Alice in Wonderland by Lewis Caroll, Alice asks the Cheshire Cat, “Would you tell me, please, which way I ought to go from here?”. The smiling Cheshire Cat responds, “That depends a good deal on where you want to get to.”
In continuation of our efforts to empower community scheme managers with essential knowledge for effective arrear levy collections, this blog post serves as a follow-up to our previous discussion on common legal terms used in collection reports. Building upon the foundation laid in that post, we delve deeper into the practical aspects of instructing attorneys for arrear levy matters.
A community scheme will usually instruct a firm of attorneys or a collection agent to handle its arrear levy collection matters. It is important that Managing Agents and Trustees understand the process involved so that they can make decisions and give further instructions as the matters proceed (as well as be able to answer questions at the next AGM).
Owning property in South Africa is not just about acquiring a piece of land or a building—it's about safeguarding and nurturing that investment for the long haul. This holds especially true for sectional title schemes where communal living adds layers of complexity to property maintenance.
Sectional title schemes are communities of property owners who share common spaces and responsibilities. This can lead to conflicts and disputes over issues such as maintenance, noise, levies, alterations, and common property use.
The King IV Report on Corporate Governance for South Africa, 2016 (“King IV Report”) is a set of voluntary principles and practices that provide a framework for good governance. Many organisations widely adopt these principles, including sectional title schemes, to enhance their governance standards and promote trust among stakeholders.
Are you a unit owner in a residential sectional title scheme and considering starting a cosmetics business from your home? Or perhaps you're interested in the legalities surrounding such a venture?
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