A Paddocks Sectional Title Lifestyle Blog
By Auren Freitas dos Santos
Are you wondering what steps you could take to protect yourself from going down with the sinking ship that is your body corporate? A result of either non-existent or incompetant trustees, insufficient funds or overall non-compliance with the requirements of the Sectional Titles Schemes Management Act (STSM Act) and its regulations?
Our default response in these types of situations is to abandon ship by selling as quickly as possible because the alternatives will almost always be more challenging, stressful and costly.
Unfortunately in most cases you will be unable to sell your property because no purchaser in their right mind would consider purchasing a unit in a dysfunctional scheme. A poorly managed scheme has a serious detrimental impact on the market value of its units and owners in these types of schemes usually find themselves unable to escape.
If jumping overboard is not an option the only alternative that you will have is to try everything in your power to plug the holes in an attempt to stop the body corporate from sinking.
We suggest that you consider taking the following steps to save your body corporate from serious financial or administrative mismanagement, but please remember that although these options may be successful, they are time consuming, costly, and often unpleasant:
Should your community scheme require any advice on how to deal with financial or administrative mismanagement or the appointment of an executive managing agent please do not hesitate to contact our consulting department at email@example.com for a no-obligation quote to provide the necessary legal assistance.