Choosing to buy a sectional title home in Durban is one of the best decisions you can make. Not only is it cheaper, but it also gives you more security than a regular apartment. In addition to that, it also gives you access to a variety of benefits.
Share Block development vs sectional title
Choosing a share block development vs sectional title home in Durban is an important decision. Both have their own benefits and drawbacks. Buying into an existing share block scheme can also offer some advantages.
Share block companies used to be the norm for building blocks of flats. However, the Intellectual Property Commission and new Companies Act have made running a share block company more difficult. Nevertheless, a share block development can still be built.
The share block development is also easier to obtain building plans for, since it does not require sectional plan approval. The developer also does not have to pay for ongoing maintenance or repairs. In addition, the developer is able to receive a deposit as soon as the company is registered.
Unlike a share block development, a sectional title home offers a higher degree of security. Share block schemes were previously run by the same group of people, whereas a sectional title development has a different body corporate and a different set of rules.
Become a member of the body corporate
Buying a sectional title home in Durban is a popular trend these days. It offers owners a number of advantages, including the ability to own inside of a property and a good resale price. However, it is important to understand the conditions and responsibilities involved.
When you buy a sectional title home, you become a member of the body corporate. This means you have limited rights and must comply with the body corporate’s rules.
The body corporate is a legal entity that oversees the day-to-day operations of a sectional title scheme. It collects funds from all owners and uses the funds to pay for the maintenance of the scheme. These funds are called levies. They may cover the salaries of staff employed by the body corporate, local authority charges, maintenance of common property and other expenses.
The body corporate is made up of all the owners who buy a unit in a sectional title scheme. They must be given a copy of the body corporate rules. They must also be involved in the annual budgeting process.
Health and safety rules
Buying a sectional title home is a big deal. It’s one thing to own a property, but it’s another to live in a building that is safe. As an owner, you have a duty to ensure that your property is compliant with the Occupational Health and Safety Act (OHSA) and other regulatory requirements.
The Occupational Health and Safety Act states that, “The minimum required health and safety measures are those that are likely to reduce the risk of injury to employees while at work.” It’s important for body corporates to monitor contractors and ensure that their work is in compliance with the law. Body corporates must also provide health and safety specifications to contractors during the pre-tender phase.
There are a few key players in the sectional title home world. There’s the chairperson, the body corporate and the owners of the building. The body corporate, in turn, has a duty to ensure the health and safety of its workers and those who enter and leave the property.
Monthly levy
Whether you own a sectional title home or a freehold home, you will be charged monthly levies. These levies cover the upkeep of the common areas, and will usually include security provisions. These levies are paid to the body corporate, which oversees the maintenance and running of the complex.
The monthly levy includes the costs of water and electricity consumption, the wages of cleaning staff, the insurance premiums for the body corporate, and the maintenance of common property. The amount you pay will depend on the size of your family and the amount of electricity and water you use.
In the event that you have not paid your levy, the body corporate will take legal action to collect it. If your levies are overdue, you can be charged interest. If you still owe money, the body corporate can take legal action to attach your unit.
If you are buying a sectional title property, it is essential that you understand what levies cover and how they are collected. You will also need to understand the rules of the body corporate, and what is expected of you. These rules should not conflict with your lifestyle.