By the Paddocks Club team
Below are examples of two questions on the Paddocks Club discussion forum. We want to show you what is available to our Community members!
Swopping registered exclusive use areas
What type of resolution will be needed for the body corporate to swop exclusive use areas with an owner. It is registered exclusive use areas in terms of the plans.
Registered exclusive use rights are passed from one owner to another by notarial bilateral deed of cession.
Owners hold exclusive use rights, not the body corporate, except in the situation where the right vests in the body corporate in terms of section 27(1)(c) and section 27(4)(b) of the Sectional Titles Act.
Must the maintenance reserves we collect be held in a separate bank account or can it be held in the managing agent’s trust account, with a separate cashbook from the operational account?
Prescribed management rule 26(b) requires the body corporate to have separate bank accounts for its administrative and reserve funds.
Prescribed management rule 21(4) says that the body corporate must deposit its money in an interest bearing account in its own name or that is an estate agent’s or attorney’s trust account. But the reserve funds and the administrative funds cannot be in the same bank account.
Article reference: Paddocks Press: Volume 12, Issue 07, Page 04.
Professor Graham Paddock, Anton Kelly, Dr Carryn Melissa Durham and Zerlinda van der Merwe are available to answer questions on the Paddocks Club discussion forum for Community members. Get all your questions answered by joining Paddocks Club.
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