Understanding body corporate management

To comprehensively understand what body corporate management is it is important to firstly define what a body corporate is. A body corporate can be defined as an incorporated body of owners relevant to a building or land that is subdivided into a number of lots. The main function of body corporate management is thus to perform certain duties and functions of the body corporate as are delegated.

Why use a body corporate management company?

Members of a body corporate have the option of self management, it is however highly recommended that the members utilize the services of a professional body corporate management company such as those provided by Exact Property Management. This is due to the fact that a body corporate management company is required to stay abreast with the latest legal requirements of a body corporate. Therefore the body corporate is required to comply with certain rules and regulations and non-compliance may result in financial penalties.

A body corporate management company such as Exact Property assists the body corporate in making the right decisions for the building or property. When a body corporate management company is appointed this appointed is to be done at general meeting of the body corporate. This ensures that all the owners of the subdivided land or building are aware of the terms of the agreement with the management company, a copy of this agreement must also be sent to all the owners.

The primary responsibilities for a body corporate management company such as Exact Property are the responsibilities of secretary and treasurer. Although a body corporate can select the task that it delegates to the body corporate management company some of the common tasks include:

• Prepare and forward notices of committee and general meetings
• Attend and prepare minutes for committee and general meetings
• Attend to any matters that might result from committee or general meetings
• Attend to all correspondence
• Keep the books, records and roll
• Levy owners and collect their contributions
• Prepare statements of accounts and annual budgets
• Pay accounts
• Implement all insurance and submit any claims
• Recommend actions for the body corporate to ensure compliance with relevant rules and regulations
• Manage disputes and resolutions that may arise

The right body corporate management company

Exact Property is a body corporate management company that handles the issues and duties of any body corporate with professionalism and proficiency. Exact Property management is situated in Cape Town and can assist with making the right decisions and complying with body corporate laws and regulations. The body corporate management services offered by Exact Property can be brought into action prior to the completion of the subdivided property or at any stage in the existence of a body corporate. Termination terms are included into the agreement entered into with Exact Property Management should you no longer require their services.

Apart from the body corporate management services that Exact Property offers they also do rentals, sales and the management of your holiday home. The convenience of having a company such as Exact Property Management managing your holiday home while you are not there means that your home will never fall into a state of disrepair. Exact Property Management can arrange for holiday renters for your rental property and ensures that your property is always returned to its original state.

Knowing what body corporate management entails is the first step to ensuring that you have an effective body corporate. Exact properties can provide you with the professional services to ensure that your body corporate fulfills all its duties.

For more information on the services Exact Property provide please contact Magda on +27-(0)72-623-1775