Marketing of sectional titles has changed dramatically. Buyers may be affected very negatively if schemes have not complied with the new legislation. Management of schemes have become very complicated.
The sectional title and community scheme landscape has been drastically reshaped by new legislation. The Sectional Titles Schemes Management Act 8 of 2011 and the Community Schemes Ombud Service Act 9 of 2011 came into effect on 7th October 2016.
Trustees and estate agents must know the critical aspects of the legislation, firstly to ensure compliance and secondly to avoid being held liable for negligence by sellers and purchasers when marketing property.
Free 2 hour seminar in Nelspruit
Wednesday 16 November 09h00; Absa Square 2nd Floor
Presenter : Christo Smith
The most important innovations brought about by these Acts, together with their respective regulations, are the following :
• Registration of schemes with the Ombud Service (30 days from 7/10/2016);
• Monthly levies to be paid to the Ombud by every unit (90 days from 7/10/2016);
• Annual returns to be filed by every scheme;
• Prescribed management and conduct rules;
• Specified amounts to be held in reserve funds;
• Audited financial statements;
• Maintenance plan drawn and lodged annually;
• Dispute resolution procedures;
• Voting rights and resolutions;
• Duties and liability of managing agents;
• Fidelity insurance;
• Clearance certificates;
• Penalties and interest.
Please book your seat by e-mail to firstname.lastname@example.org or contact Idette at 013 753 3187 – seating is limited.