As the prospective buyer of a sectional title property, you should ask for:
The most recent financial statements of the body corporate. You should check whether the scheme has adequate reserves and that it is in a sound financial position. According to the Sectional Titles Act, a scheme is required to make “reasonable provision” for maintenance and any unexpected expenses that may occur. If a scheme has sufficient reserves, this reduces the need for a special levy. A copy of the sectional title plan of the scheme. The body corporate rules. The conveyancer’s certificate, which was lodged at the Deeds Office when the scheme was first registered. It contains the municipal conditions and servitudes that apply to the scheme, as well as any conditions the developer may have imposed on the scheme. A servitude is, basically, a right of way, allowing the municipality to provide water, electricity and sanitation services to neighbouring properties in the area. It is important to know where the servitudes on your property are, so that if, for example, you do a renovation, you don’t end up digging up the local water supply pipes.
The rates charged for the unit, the monthly levies and any special levies.