By: Magree  11-11-2011
Keywords: Body Corporate, Bank Statements

Services We Offer Banking:
• We open and manage a separate bank account in the name MAGREE ESTATES
trading as (name of Body Corporate or Home Owners Association)
• All levy payments are deposited into this account
• All creditors - staff, security, municipal accounts and suppliers –
will be paid from this account
• We obtain trustee signatures to authorise payments
• Trustees receive bank statements every Monday
• Checks and balances are put in place to ensure that the Trustees/Directors
of each complex retain overall control of the Body Corporate/ Home Owners Association bank account Financial management:
• Send out levy statements to all owners.
• Receipt levy payments and allocate same to each owners account
• Bank all cheque deposits and certain creditors deposits
• Constantly monitoring levy payments and issuing arrears letters
• Effect all payments to creditors on behalf of each complexAccounting:
Keeping proper books of account and records to explain the transactions and financial position of the complex including:
• Records of all monies received (from whom) and expended (to whom)
• Individual ledger accounts in respect of each owner
• Monthly income statement
• Monthly trial balance incorporating year-to-date income statement
• Monthly balance sheet
• Monthly debtors listing (age analysis)
• Arrange for the Auditor to complete and submit Tax returns
• Attend to UIF, RSC, PAYE and Skills Levy payments (if necessary)
• Attend to the monthly municipal charges on common property
• Assist in estimating, recommending and preparing the annual budget and
establish levy charges for the following year at each financial year end Preparation of Annual General Meeting documentation:
• Audited financial statements for the previous year for approval
• Estimate of income and expenditure (budget) for the ensuing year for
approval or amendment
• Obtain report from the Trustees/Directors reviewing the affairs of the
complex for the previous year
• Minutes of the previous years' AGM for discussion and approval
• Schedule of insurances and replacement values for approval or
• Submissions of any new direction or restrictions to be imposed on
Trustees/Directors in terms of the Act
• Appointment of an Auditor for the following year
• Nomination and Proxy forms for the election of Trustees/Directors Insurance:
• Arrange for the insurance of the improvements on common property
• Handle insurance claims on the behalf of Body Corporate/ Home Owners
• Issue clearance certificates for the sale of units
• Liaise with attorneys/conveyances for the sale of units
• Assist and advise the trustees with regard to any legal matter
• Monitor arrear payments
• Request attorneys on instruction from Directors / Trustees to send letters of demand
and summons
30 – 60 Days Late Payment Notification
Over 60 Days Call owner / issue summons
Over 90 Days Default Judgement
Interest and legal fees are payable by the defaulting Owner.
Trustees/Directors of Body Corporate/ Home Owners Association will sign a Resolution to give MAGREE authority to act on their behalfMaintenance:
Assist with maintenance problems and quotations on the common property Please note that although we are not responsible for the maintenance of individual units we are happy to assist you with the contact details of our list of preferred maintenance suppliers General Complex Management:
• Assist with duties that are within the capability of the Managing AgentSALES
• Magree Estates is registered with the Estate Agents Affairs Board
• We hold a valid Fidelity Fund Certificate.
• It will provide owners with the following services:
1. Estimates of market value of units
2. Advice on preparing units for sale
3. Marketing and advertising units for sale
4. Handle sales and completing Sale Agreements.
5. Prepare all documentation for sales
6. Arrange bond finance
7. Deal with attorneys/conveyances to ensure a smooth sale process

Keywords: Bank Statements, Body Corporate