Thinking of moving into a complex or community scheme? Here's what to look out for before you sign on the dotted line. 🏡CitizenFinance PersonalFinance property
The first thing you should check before signing an offer to purchase is whether there is a right of extension in place.
Also look at the right of extension, which relates to the extension of a sectional title scheme by adding parts or areas for exclusive use. The period for this is also important, because if it is not established, this right can be exercised at any time. Owners can challenge the necessity of a special levy but the body corporate must include a reasonable provision for contingencies and maintenance.All the owners are part of the body corporate and they have the responsibility to elect trustees who are honest, willing and able to do the work. They must also ensure that a managing agent who has a good reputation is appointed and that the budget is drawn up correctly and accurately with a five and ten-year projected period as well.
They also have to establish and maintain facilities, gardens and lawns on the common property, obtain services by contracting with service providers and invest funds not immediately required.
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