WHAT IS A BODY CORPORATE?
The body corporate is an entity made up of all the unit owners in a unit title development. If you are a unit owner, then you are also a member of the body corporate. Every unit title development has a body corporate, whether or not the body corporate is functional.
WHAT ARE THE BODY CORPORATE’S RESPONSIBILITIES?
The body corporate is responsible for a range of management, financial and administrative matters relating to the common property and the unit title development as a whole. These functions mainly relate to the components that all unit owners have a shared interest in – land, money, other property – which is why all unit owners are members of the body corporate.
WHAT IS THE UNIT TITLES ACT 2010?
The purpose of The Unit Titles Act 2010 is to provide a legal framework for the ownership and management of land and associated buildings and facilities on a socially and economically sustainable basis by communities of individual owners.
WHAT ARE THE BODY CORPORATE’S POWERS?
The Body Corporate’ powers and duties are outlined in section 84 of the Act. Some of these include:
- managing, maintaining and repairing the common property, including common building elements and infrastructure that might not be common property
- establishing and maintaining a long-term maintenance plan
- keeping and maintaining a register of all unit owners
- calling general meetings of the body corporate
- keeping accurate financial statements
- Maintaining appropriate insurance that covers the development
- levying contributions on owners to fund the operation of the body corporate
- providing documents to unit owners, such as financial statements, meeting minutes and insurance details
- making and enforcing the body corporate operational rules.
BODY CORPORATE MANAGER
Often a body corporate manager is contracted to assist the body corporate with the performance of its duties and the management of its affairs and that of the property.
By employing a specialist body corporate manager, unit owners can be assured that the body corporate and the building and wider development is managed in accordance with the complex and ever changing legal and regulatory requirements. A body corporate manager can help ensure the smooth operation of the body corporate functions by providing an impartial and professional service from individuals who are trained and experienced in the operation of unit title properties.
A body corporate manager will also add value to a body corporate through providing and maintain on-going investment in specialist technology to enhance the operational efficiency of the body corporate and its interactions with unit owners, stakeholders, and suppliers.
A management agreement may feature other duties and requirements specific to your situation.