Sectional Title & Homeowner’s Association Management

Administration

The collection/receipt of levies and/or other income due to the Body Corporate as requested by the Trustees.

Payment made from available funds to all accounts due by the Body Corporate.

Arranging the Annual General Meeting and by agreement, quarterly meetings of the Trustees.

Storing the minute books, attendance registers, the register of sectional bondholders, sectional plans, rules, conduct rules, insurance policies and all other permanent records of the Body Corporate.

Assisting and advising the Trustees on procedural matters such as general meetings, special general meetings, quorums, proxies, resolutions, voting rights, etc.

Attending to proxies, nominations, agendas, etc.

Preparing and dispatching notices as required by the Act and the Schedule 1 Rules / Annexure 8 Rules.

Keeping records in accordance with generally accepted practice.

Accounting

Preparation of monthly income and disbursement statements together with copies of all creditors invoices, which are in turn sent to Trustees.

The preparation of a provisional annual estimate of income and expenditure (budget) for submission to the Trustees and the Body Corporate for their approval.

Keeping full records of the administration of the accounts in terms of normal accounting practice.

Levies

Itemised levy statements are sent out monthly to inpidual unit owners as directed by the Body Corporate. Interest charged on outstanding amounts at the direction of the Body Corporate is credited to the Body Corporate Trust account. Surplus funds are placed into an interest bearing Body Corporate account.

Levies can be paid by cheque, EFT or by direct deposit at any Standard Bank branch or by debit order arrangement.

Budgets

Cost related provisional budgets are calculated annually for the body corporate’s consideration and approval. They include provision to cover escalations and are based on the previous year’s income and expenditure disbursement statements that have been submitted to the Trustees.

Credit Control

All collections are monitored closely (subject to instruction by Trustees) with a view to ensuring maximum and speedy collections by means of letter procedures and disconnection of lights and due legal process.

The cost of litigation will be for the Body Corporate but is ultimately recovered from the inpidual owner concerned.

Attending to the collection of arrears. (Reminder, demand and legal letters). Any costs accruing Sectional Title & Homeowner’s Association Management:

Creditors

Payment of all Municipal and authorised expenses are made by means of a fully integrated Creditors System. All invoices other than Municipal or Contractual invoices must be authorised by the trustees in terms of the Body Corporate instructions.

Maintenance / Emergencies

Assistance is given to members with all maintenance problems whether of a scheduled nature or an emergency. Handymen, plumbers, electricians, builders, roofing contractors, etc., can be dispatched upon instructions from the members to do so. Alternatively, contractors with whom the Body Corporate may be associated can be utilized according to their instructions.

Salaries / Wages

Payment of employee’s salaries and wages are made according to the Body Corporate instructions and deposited directly into the bank accounts of the employee or paid directly to the employee by Landstar Property Solutions.

Payment of PAYE, Unemployment Insurance Fund, Workmen’s Compensation etc.

Insurance

We assist the Trustees in the determination of replacement values for insurance purposes and arranging for valuations where required.

We arrange for the insurance of buildings and common property improvements and any other insurance the Body Corporate or inpidual owners may require.

We handle insurance claims on behalf of the Body Corporate which are submitted directly to the insurance company by ourselves.

Comparative Insurance rates are obtained from reputable companies by our Insurance Department to ensure that the lowest premiums and most favourable protection is obtained.

Audit

Accounts for audit are prepared by the accounts department at year end. The independently audited balance sheet is provided to inform the Annual General Meeting on the previous or current year’s financial status. The auditor’s fees are for the Body Corporate’s account.

Meter Readers

The Meter Reading Company is monitored and is instructed to ensure that the Body Corporate is only liable for that portion of water/electricity consumption used on the common property.

Annual General Meeting

Meetings and venues are arranged and all notices required by the Sectional Titles Act are sent to the members. Minutes are recorded, typed and distributed according to the requirements of the Sectional Titles Act.

Chairpersons and Trustees

The Chairperson, Trustees and all owners, receive the Levy Roll and Disbursement Statements monthly so that they may personally monitor payments of levies, debtors and creditors and check the cash flow of the Body Corporate.

We are registered estate agents and funds collected are protected by the Estate Agents Affairs Board Fidelity Insurance Fund.

We are members of NAMA – National Association of Managing Agents.

The long standing credit rating of Landstar Property Solutions can be ascertained from the manager of Standard Bank, The Glen.

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Sectional Title & Homeowner’s Association Management

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