Whether you are Self-Managed, or even if you have a Managing Agent, with the introduction of The Sectional Title Scheme Management Act and The Community Scheme Ombud Service Act in October 2016 there have been many changes to process of managing and running a Body Corporate.
Previously the only Act that trustees and members of the Body Corporate had to understand and follow was the Sectional Titles Act. With the introduction of two completely new Acts, compliance has just got a whole lot more challenging and scary.
In my investigations and research into the new Acts, I have come across many examples of compliance issues that I believe are crucial for ALL Bodies Corporate to pay special attention to, especially their Trustees. These requirements mostly relate to ‘compliance requirements’ set out in the new Acts.
What are the consequences of non-compliance you may ask?
Well the Sectional Title Scheme Management Act clearly outlines a massive responsibility on the Trustees and their Fiduciary Duty to protect the interests of the Body Corporate, and take ‘all necessary steps’ to ensure that every precaution has been taken.
Still not convinced you need help?
The Sectional Title Scheme Management Act goes even further to say that Trustees can be held personally liable for negligence in this regard.
If the above concerns you, I understand the position you may be in. As a Managing Agent, and a qualified Scheme Manager, I have put together a service offering which I believe can assist all Bodies Corporate to become compliant with the new Acts which would address all the concerns that Trustees may have so that they may rest easy knowing that their interests are looked after. This offering can be found on our website.
My research has also shown that there are many of smaller complexes that are currently self-managed, and whilst I personally advise against this, these complexes may wish to remain this way, for now anyway.
To address the issue of self-managed Schemes, I have created a special ‘self-managed’ package which I offer you at a fixed once-off cost that will easily assist the Trustees and the Body Corporate to bring their Scheme in line with the requirements of the new Acts, as well as introduce the correct systems and structures so that the Body Corporate remains compliant going forward.
For more information please contact us on email@example.com or my personal number at 0833033805.
Real Estate Entrepreneur