The Sectional Titles Schemes Managment (STSM) Acts was gazetted on 7th October 2016.
Its objectives are to promote more formalised, long-term and consistent maintenance planning in Sectional Titles through better budgeting and financial management.
The first important requirement of the new legislation is for a 10-year maintenance plan to be prepared and presented at the Annual General Meeting (AGM).
The maintenance plan must include all major maintenance items (such as electrical, plumbing glazing, windows and waterproofing) and that the cost of repairing, replacing or maintaining these items over a 10-year period should be mapped out. This provides the information required to setup a dedicated reserve fund for maintenance as required by the act.
Inspect SA’s can survey the property and compile the necessary 10-year maintenance plan for small and large complexes alike.