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Today: Sep 06, 2010
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| Sectional Title in a nutshell |
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| Sectional Title Examples of sectional title units are flats, townhouses, semi-detached houses, duet houses, holiday apartments, shops or office blocks. In the case of sectional title units, different people each own a portion of a building or buildings. It is not a requirement that the buildings be physically joined together, so a sectional title scheme can comprise of freestanding units on a property. All owners jointly own the land itself as well as all the common property. Common property comprises areas like staircases, lifts, corridors, communal washrooms, driveways, roads, recreation facilities, entrance areas, the exterior of the buildings and so on. Exclusive use areas are for example carports, staff quarters or storerooms, which are used solely by the individuals entitled to use them (or in some instances these areas are rented from the Body Corporate). The Body Corporate is responsible for the control, administration and management of the scheme. All the owners of the units in the scheme form the Body Corporate. At an annual general meeting of all the owners, trustees are elected to carry out the day to day running of the scheme. Every owner makes a monthly monetary contribution to a fund for the general expenses of the scheme, generally referred to as the levy. The levy may include: Rates and taxes payable to local authority by the scheme, Water, Electricity costs of the common areas, Insurance replacement costs of buildings, Provision for anticipated maintenance expenditure, Managing agent fee, Annual audit fee, Complex security, Common property garden service, etc. The amount payable by each owner is calculated by a formula called the 'participation quota'. Basically it is calculated by the percentage of the floor area of that owners' section to the total floor area of all the sections in the scheme. Sectional title owners may also have to pay a "Special Levy" to cover a certain Body Corporate project such as fitting new electric gates and fencing or installing a pool or tennis courts, etc. |
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