Body corporates under scrutiny over charges
• BY HERTTA-MARIA AMUTENJA
With various complaints on how body corporates have “abused” homeowners due to non-regulation, fears are that this situation could be prolonged.
Namibia Estate Agents Board (NEAB) told Confidente that they are in the process of regulating property managers and property management companies.
NEAB manager Festus Unengu however admitted that their hands are tied:
“Property managers, property developers and auctioneers are unfortunately not regulated in Namibia hence when it comes to their fee they could charge up to any amount that the body cooperate allows them to charge.
“However there is bill in process where they are going to be managed and regulated by NEAB. Currently we cannot do anything as they are not regulated and by law we cannot do anything.”
He added in Namibia there is no law that controls how much interest a property management should charge on interest
Read the full story in this week’s edition.