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4 Major challenges faced by all managing agents
With a rapidly growing sectional title and HOA industry, it’s critical that you as a managing agent adapt and transform yourself from a basic secretarial service to being professional accounting and legal specialists.
How to budget report on the reserve fund for sectional title schemes
On 7 October 2016, the new Sectional Titles Schemes Management Act of 2011 came into force, changing things drastically. As a result of this legislation, bodies corporate are now compelled to make provision for reserve funds on an ongoing basis. In terms of the new Act, bodies corporate should make provision for long term maintenance requirements of the scheme by means of a 10-year maintenance plan.
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