Date(s) - 07 Mar '17
9:00 am - 1:00 pm
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. Various Regulations have also been published.
Attorneys, Trustees and Estate agents must know the critical aspects of the legislation because firstly, the legislation requires compliance in various respects and secondly contravention may result in liability of estate agents and various other persons, based on negligence in the execution of their duties and marketing of property.
The most important innovations brought about by these Acts, together with their respective regulations, which will be discussed during the seminar, are the following :
- Registration of schemes with the Ombud Service (30 days);
- Monthly levies to be paid to the Ombud by every unit (90 days);
- 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.
Cost: R1 368.00 pp (incl. VAT)
This is a morning seminar (09h00 -13h00) – tea and refreshments served.
There will be sufficient time for questions and discussion
Detailed notes condensing and explaining the Acts in an understandable format, will be provided.