Paddocks Press is an ad hoc free digital newsletter published to educate and update the sectional title community. The current issue (Volume 3, Issue 8) has a number of articles of interest, including:
Trustees need to take a closer look at fidelity cover - Mike Addison gives the thinking of Paddocks with regard to insuring the body corporate in terms of PMR 29(2)(b). In short the body corporate decides at an AGM how much cover is needed for Fidelity. Fidelity Cover is an additional cover against the loss of money or property stolen by an employee. Interestingly, under normal circumstances the managing agent is not considered to be an employee.
buying into a sectional title - what you don't know can hurt you! - Jennifer Paddock looks at the basics of buying into sectional title and the nature of the ownership. She covers the following topics:
- What exactly are you buying?
- Your participation in the management of the scheme.
- What costs will you be responsible for?
- How do the rules of the scheme restrict the use of your unit? and a couple of
- Things to look out for such as:
- The financial status of the body corporate.
- Is the scheme subject to future development rights?
- Are you buying off-plan?
- The financial status of the body corporate.
Q & A with the Professor - Professor Graham Paddock replies to a number of questions including:
- Converting visitors bays.
- Fidelity Fund Certificate for a managing agent who does not collect levies.
- Fixing broken infrastructure.
- Maintenance of cold water pipes inside section.
- Interpretation of the proviso to section 4(2) of the Sectional Titles Act.
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