Property & Real Estate law
Timely payment of levies is crucial for the smooth operation of sectional title schemes. It ensures that the Body Corporate has sufficient funds to cover all shared expenses and maintains the property value for all members.
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Each member of a sectional title scheme is assessed a monthly levy based on the budget approved by the body corporate. This budget covers all foreseeable expenses such as maintenance, security, insurance, and administrative costs. Once assessed, levies are billed to homeowners regularly, typically on a monthly basis.
Forming a Homeowners Association (HOA) within a body corporate requires a clear understanding of the legal framework and the steps involved. This process aims to create an organized structure for managing the common property, enforcing rules, and addressing the collective interests of homeowners.
This article delves into the essential roles and responsibilities of Trustees and Managing Agents within the framework of sectional title schemes. These roles are pivotal for the effective governance and management of such schemes, ensuring their smooth operation and compliance with relevant legislative requirements.
Broad-Based Black Economic Empowerment (BBBEE) is a policy framework in South Africa that aims to promote the economic transformation and address the imbalances of the past by increasing the participation of black people in the economy.
There is often confusion as to whether a balcony, porch or patio is classified as an Exclusive Use Area (“EUA”), common property or whether the balcony, porch or patio forms part of an owner’s section/unit.
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