News Post

Advice From the Experts - Role Players Part 10

In Part 9 of this newsletter, we looked at the role and appointment of an administrator in a scheme.

In this newsletter, we will look at the role of the insurance valuator.

Management rule 23 requires that the body corporate must obtain a replacement valuation of all buildings and improvements that comprise the scheme every three years, which must be presented at the annual general meeting.

The valuation must be carried out by a professionally qualified valuer, who should preferably specialise in the valuation of sectional title schemes.

This begs the question as to what professional qualification the valuer must hold?

In terms of the Property Valuers Professions Act of 2000, to qualify for registration as a professional valuer,

  • a person must have an academic qualification in property valuation,
  • be registered with the South African Council for the Property Valuers Profession, and
  • have passed the admission examination for Professional Valuers or the admission examination for Professional Associated Valuers.

As with most professions in South Africa, a Professional Valuer must also fulfil the requirements of on-going professional education and training.

Article courtesy of Marina Constas and Karen Bleijs Demystifying Sectional Title

In Part 11 of this newsletter we will look at the specialist sectional title attorney.