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(IT-NEWSWIRE.COM, July 03, 2015 ) Johannesburg -- Fitzanne Estates information officer recently shared a buyer's checklist that is crucial, especially to people who want to buy into sectional title schemes. He comments, "Before buyers buy into a sectional title scheme, it is very important for them to be well informed and to know what needs to be done first."
He explained that sectional title is the concept that allows an individual to be able to buy a part or section of the building or property. He states that a majority of problems are faced usually when it comes to non-section areas like walkways and passages etc. However, these areas are owned collectively by owners of the section in undivided shares and the common property is usually managed by a property managing agent.
He adds, "There are nine important steps that should be taken. You must make sure that you have a good look at the standard of the building. It would be an advantage to go and view the building with a maximum of about two people so as to avoid not taking note of the information at your disposal that might help you. Establish how effectively the building is being managed currently and if the building is going to require a lot of renovations or more money in the future for any vital developments. Check out how the pool looks the state of the paint, security, garden and parking space."
He continues, "Find out what you will receive with your section door number, for instance, garages, staff room, parking bays, and storerooms. Proof is vital, you must at least see a stamped exclusive use schedule or a title deed or the SG diagram. This is vital as you can verify if the seller has any rights to what he is using or even renting. Make sure that you are aware if it's possible for the developer to extend because this can be a disruptive factor. You must ask the relevant management and check what is stated on the sectional title plan."
He noted, "Find out who exactly is the managing agent. Is he registered with NAMA & does he have a fidelity fund certificate that is from EAAB and if it's current. If its self-managed chances are it might present some problems in the future.
Make sure that you get a copy of the rules of conduct and read them carefully. Understand the rules completely and seek clarity over those that you do not. Never make the mistake of buying into a scheme whereby you do not understand the rules. Ask for the latest accounts, the most recent AGM package, the audited financial statements and make sure that all accounts are in order."
He added, "Find out more information about the levy situation. The arrear levy situation is important because if it is not investigated it can hugely affect the cash flow as well as impact the services and maintainace of the complex. Make sure that the building you are interested in is under insurance and get the true value of the flat you are interested in and access the most recent levy certificate that indicates any monthly charges you might need to budget for."
Fitzanne Estates information noted that proof was the main factor to consider. "Proof is a must see and have without any solid proof do not buy into any scheme." For more information visit http://www.fitzanne.co.za/
About Fitzanne Estates:
Fitzanne Estates is a property management, letting, sales company that is based in Johannesburg and Pretoria. It has been in the property industry since 1982. It has a management portfolio containing more than 6000 units. The property firm strictly adheres to all the necessary legal requirements concerning property law in South Africa.Their main purpose is to sufficiently administer property to the benefits of landlords the Body Corporate and the Non-profit Company.
Fitzanne Estates
Information Officer
082 570 3858
info@fitzanne.co.za
Source: EmailWire.Com 
Source: EmailWire.com
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