Sectional Title Schemes Regulations Requirements
Body corporate maintenance, repair and replacement plans
- 26 d) prepare a maintenance, repair and replacement plan in accordance with rule 22 for presentation at the annual general meeting;
- 26 f) (5) (c) The audit of a body corporate’s annual financial statements—must include opinions as to whether or not—
(ii) the body corporate has complied with the accounting requirements set out in rules 21, 24 and this rule 26, with a specific description of any failure to comply with such requirements;
The regulations require that the auditor needs to express an opinion as to whether the body corporate has compiled a maintenance, repair and replacement plan in accordance with rule 22 for presentation at the annual general meeting and how they have progressed in the implementation of such plan as per 22 f) (4).
- Furthermore 26 f) (2) requires that: On the application of any member, registered bondholder or of the managing agent, the body corporate must make all or any of the books of account and records available for inspection and copying.
Without complying with the act transfer of properties may become problematic.
HouseCheck has developed a specific product to create a maintenance, repair and replacement plan for body corporates to allow them to cost-effectively meet this requirement.
Although these regulations put onerous new obligations on Body corporates, The HouseCheck maintenance Action Plan (MAP) allows body corporate trustees and manageing agents to cost-effectively meet this requirement.