Sectional Title Series 5 - Ownership Responsibilities Continued
Tuesday, 22 January 2008
This article is part 5 of our sectional title series where we are exploring sectional title ownership responsibilities.
In the previous article we explored the obligations of the owner to their Section and Management Rules, in this instalment we will continue with Conduct Rules, we will leave the Common Property for the next series as it extends to an entire article.
Sectional Title Series 4 - Ownership Responsibilities
Tuesday, 22 January 2008
This article is part 4 of our sectional title series where we are exploring sectional title ownership responsibilities.
In this installment we will discuss some of the ownership responsibilities which should be carefully considered before purchasing an investment in such schemes.
Hope, by now, you read about the Body Corporate Functions and Responsibilities, which will help with better understanding this article.
Though sectional titles are controlled by the body corporate, which every owner is part of, it is important to understand that each individual owner and investor has responsibilities in a sectional title scheme. These responsibilities in a scheme extend to the following points:
Obligations with regards to their Own Section
Obligations in terms of the Management Rules
Obligations in terms of the Conduct Rules
Obligations in terms of Common Property
In this article we will only discuss the responsibilities of an owner to their Section and to the Management Rules.
Sectional Title Series 2 - The Body Corporate and Functions
Tuesday, 22 January 2008
This article is part 2 of our sectional title series explaining the Body Corporate and its responsibilities.
The Body Corporate is comprised of all the owners of a sectional title scheme. An investor buying into a sectional title scheme will automatically belong to the Body Corporate on registration of the unit (this is not optional).
The owners that make up the Body Corporate have a responsibility to make sure that the scheme or complex is run efficiently and according to the Sectional Titles Act 95 of 1986.
It stands to reason that all owners therefore collectively have that responsibility.
Sectional Title Series 1 Pros and Cons of Sectional Title
Wednesday, 19 December 2007
In the last few years there has been an obvious trend towards investors
and homeowners alike buying far more properties in sectional title
schemes. There are many reasons for this trend, as many as investors,
however it is commonly found that, as preferred as this property type
maybe, it is also one of the least understood in terms of ownership
responsibilities, legalities and many other issues revolving around
Sectional Title. For this reason we have embarked on a series of
articles trying to explain and simplify Sectional Titles, while giving
a bigger picture of what it means to be a sectional title owner.
As an investment, a sectional title unit is as good as any other
property investment as long as the financial numbers make investment
sense and returns are according to investor expectations. However,
when purchasing a sectional title unit the property investor needs to
be aware of many legal factors and issues surrounding such properties
before making the ownership decision.
In our first article we will discuss the basic issues of pros and cons to owning a sectional title.
