What does the report include:
- Physical site visit
- Detailed breakdown of all the onsite improvement
- A replacement cost per item in the detailed break down
- A replacement cost for the buildings with in the complex based on actual sizes and not the sectional title plans.
- Report on condition of the improvements.
- Once the replacement cost is determined suitable percentages for professional fees, Demolition and contingencies and local authority fees are added to the replacement cost to arrive at the insured amount for the complex.
- The participation quotas are then applied to the insured amount to derive an insured amount per unit.
- Copy of the sectional title plans
10 Year maintenance plan:
A Maintenance, Repair, and Replacement Plan (MRRP), commonly referred to as a 10-year maintenance plan, is a legal obligation for sectional title schemes. It provides an annual estimate of maintenance costs over a 10-year timeframe, ensuring adequate funding is available for significant capital expenses.