Facilitating a management rights business more effectively – it’s your responsibility!!
There are a few major areas developers should consider during the sale and settlement of management rights.
Caretaking agreements need to be site specific and properly costed. There is little point allocating a Caretaking salary in an agreement without the agreement being accompanied by a detailed time and motion audit. This protects the purchaser, the developer and the future body corporate.
A comprehensive handover procedure between the developer and the operator is vital. The handover as a minimum should include plant and equipment details, warranties, fire service plans, service agreements and defect reports.
To assist managing the competing scheme stakeholder interests i.e. owner occupier vs. letting pool owners, mechanisms such as scheme specific by laws with greater detail, tailored disclosures regarding the intended and approved use of the development will have a positive impact .
And finally, establishing the Caretaker in the lead up to registration is key. Large operators can even provide advice during the planning stage. This is extremely important to the operation of a successful and most of all harmonious management rights business.
In these moving times, keeping your documents water tight and consultants all on the same page is crucial. Remember today’s purchasers could be the new purchasers on your next project!!!
Our developer consulting team have experienced staff that have been with SSKB over 15 years and can draw from a vast knowledge base to add considerable value to your project.
Call our team on 07 55042015 or email firstname.lastname@example.org, we are pleased to provide overview advice on any new project