May 23, 2013 0
The property legislative compliance demands and personal accountability by owners and directors are creating a far bigger challenge than ten years ago. Buildings must comply with various legislative regulations, but property owners and company executives are paying surprisingly little attention to this requirement.
Organisations own or lease large property portfolios and have large numbers of staff occupying these properties. Ageing properties, and the fact that organisations buy properties as and when there is an operational need, result in legislative compliance and other compliance requirements and standards not being adhered to. Legal documentation (e.g. title deeds and other documentation) is more often not available for compliance and audit requirements.
A large number of commercial buildings have incomplete records relating to building plans, occupation certificates and numerous other essential documents. In many instances, property owners or organisations are unable to provide or keep up with current, complete and legally required documentation. Where property owners or organisations have documents reissued, a surprising number of these records are not available, properly indexed or filed and are much less integrated.
Occupiers of space, either through ownership or lease, are required to protect their staff from damage or loss to property and life. Owners are also required to protect their assets against instances of partial or complete destruction through fire, etc. Compliance with relevant legislation will ensure that companies are aware of possible risks and that insurance companies will pay out in the event of a disaster where assets are destroyed.
Unfortunately most companies do not know what they have to comply with and what is required from a legislative point of view.
It is critically important for property owners or organisations to have a full record of all necessary documents, title deeds, leases, plans, compliance certificates, etc. of all property or buildings. This will assist greatly when growth or reduction strategies are created and implemented and properties sold, redeveloped or expanded.
Do you know the quantum, risks, compliance issues and occupational status of you portfolio?
It is essential for any organisation to know and understand what you own and or occupy. This can be realised through documenting all documents relevant to compliance and other legislative requirements. The following areas are important . . . . read more
For a more detailed discussion, contact Dewald van Reenen at email@example.com