SECTIONAL TITLE ADMINISTRATION
Prestprops Sectional Title Management offers a comprehensive range of sectional title management, home owners association (HOA) and administration services to sectional title schemes.
As sectional title is our core business, you can be certain that your investment’s maintenance and growth is in our best interest.
Sectional title management requires an in-depth understanding of the property industry as well as the Sectional Title Act. At Prestprops Sectional Title Management we work closely with the Board of Trustees to ensure that the short, medium, and long term management and planning of the scheme is implemented professionally and optimally.
In short, we’ll make sure that things run smoothly.
Our property management service includes:-
• Assist the Trustees with the maintenance of the common property • Send out monthly levy statements to all owners • Collect levies and other charges due • Follow up on levies in arrears and proceed to legal action, where necessary • Prepare of monthly arrears report to the Trustees. • Assist the Trustees with all the property insurance requirements. • Manage the scheme’s bank account.
• Pay salaries and wages to all staff employed by Body Corporate • Pay all municipal accounts and other creditors or suppliers as instructed by Trustees • Prepare and submit monthly financial reports (balance sheet, levy roll, credit control report, investment account, bank statements) to the Trustees • Manage trust bank accounts on behalf of Body Corporate • Prepare annual estimate of income and expenditure for submission to the Board of Trustees and the Body Corporate for approval and determination of monthly levies. • Periodic review of the estimates of expenditure • Keep full records of the administration including proper books of accounting in terms of generally accepted accounting principles (GAAP) • Arrange annual audit with the auditor of the Body Corporate and on completion, submit audited statements to the members of the Body Corporate.
• Arrange and attend the first General Meeting and subsequent Annual General Meetings • Take minutes at meetings and distribute to all the owners • Attend Trustee meetings when required, take minutes and distribute to all Trustees. • Store minute books, rules, insurance policies, sectional title plans, etc. • Attend to proxies, nominations and agendas of meetings • Prepare and distribute notices and circulars to all owners • Maintain statutory and permanent records.
• Manage insurance claims on behalf of the body corporate • Assist owners with insurance claims • Assist trustees with the annual renewal of insurance policies • Assist trustees with obtaining valuations of their schemes for the purpose of insurance replacement value • Assist the trustees with quotations and the implementation of insurance for replacement purposes
• Arrange and submit requested quotes to trustees • Liaise with contractors to have work done • Inspect work done by contractors when requested by the Trustees • Assist trustees with maintenance issues relating to the common property
Prestprops Sectional Title Management is an expert property management group. We are committed to bringing another dimension to property management, property investment, and related property services. Bringing an unsurpassed level of service that adds value, while responding proactively to shifting market conditions and the ever evolving needs of our clients.