Demanding your interest – a new era for sectional titles

BY CARA KNIPE, SENIOR ASSOCIATE, DISPUTE RESOLUTION & DEBT RECOVERIES AT GOLDBERG DE VILLIERS ATTORNEYS - MARCH 28, 2017
Demanding your interest – a new era for sectional titles

The new legislation coming into effect, namely Sectional Title Schemes Management Act 8 of 2011 and the Community Schemes Ombud Service Act 9 of 2011, place new demands on trustees, managing agents and attorneys.

One of the changes is that he rate of interest recoverable in respect of unpaid levies is now capped

Other important changes are that:

  • Both the levies and the levies rate may only be determined by the trustees at a meeting of the trustees, and not by the members at a general meeting.
  • Levies, as well as the levies rate may only be determined once a year, after each AGM.
  • When determining the levies rate the trustees must take cognisance of the current provisions of the NCR.

To find out more details about the changes, how it will impact those dealing with Sectional Titles, and the prescribed interest rates and calculations, read the article here >>> www.derebus.org.za/demanding-interest-new-era-sectional-titles.

For more information, contact Cara Knipe, Senior Associate, Dispute Resolution & Debt Recoveries on 041 501 9800. Also visit www.goldbergdevilliers.co.za.

Image: Courtesy of mad-t.co.za