In Part 1 we looked at Prescribed Management Rule(PMR) 22 which requires that schemes MUST prepare or have prepared a written maintenance, repair and replacement plan for the common property.
The rule goes further to state exactly what items must be included in the plan:
1. The first part of the plan
It is evident that the degree of knowledge and specialisation required to compile this report exceeds a layman’s capabilities.
Trustees have a fiduciary obligation to all members of the body corporate. Taking into account the far reaching consequences of the 10 year maintenance plan, it is strongly recommended that a team of professionals be sought to assist the trustees in compiling the plan.
In Part 3 of this newsletter we will look at what must be contributed to reserve fund for the maintenance plan.
Article courtesy of Marina Constas and Karen Bleijs Demystifying Sectional Title