A property on the Gold Coast shared by owners living on it is the simple explanation of a body corporate, Gold Coast. You are part of a body corporate, Gold Coast when you own an apartment or unit in a shared property.
Being part of a body corporate gives you a say in the maintenance and running of the apartment complex. However, having a say also means being required to contribute to the maintenance of the body corporate.
Becoming a member of a Body Corporate
You automatically become a body corporate member once you own an apartment or unit in a complex. However, a body corporate is not limited to a unit or apartment shared ownership though it is the most common one.
Owning properties such as commercial offices and townhouses is also becoming a member of a body corporate. While the property is shared, each owner has his/her individual legal title that can be mortgaged or transferred to another person.
Becoming a member of a body corporate means taking part in the annual election of a body corporate chairman and committee. The role of the committee is to take charge of the body corporate and follow any agenda raised during the general meeting. Every member gets a chance to decide during the meeting.
Responsibilities of a Body Corporate
Several things that can be done by body corporate services by StrataSphere. However, the law states that they should do the following:
- Plan and implement a long-term maintenance plan
- Hold an AGM or Annual General Meeting either by mail or in person
- Elect a body corporate chairman
- Maintain the common building and property in good shape
- Ensure that all structures in the property are insured
- Fund-raising drive to ensure that obligations and costs of property maintenance are shared equally by all owners. The levies required for each unit depend on the utility interest or ownership interest.
- Ensure that all the rules agreed on during the annual meeting are followed
- Control and manage the assets of the body corporate
- Keep records of minutes of meetings, registers of assets, financial accounts, improvements by owners to the common property, authorisations, and roll of owner details.
The body corporate committee elected during the annual meetings has its set of responsibilities, including:
- Ensure adherence to the lawful decisions of the body corporate
- Assume responsibility for the day-to-day and administrative running of the body corporate
- Act out decisions on behalf of the body corporate
Funding the Body Corporate
Levies are payments every owner contributes to funding a body corporate. Maintaining the common areas of the property as well as ensuring its necessary functions are funded by the pooled levies. The frequency and amount of the levies are decided during the annual meeting.
The two kinds of contributions undertaken by a body corporate include:
- Future capital expenses including the replacement of common property such as roofing, carpeting, and painting the building are covered by the sinking fund contributions.
- Day-to-day expenses and maintenance to include insurance premiums, repairs, gardening, electricity, management fees, and other routine maintenance are covered by the administration fund contributions.
There are two ways that a body corporate can make decisions:
- At a committee meeting for the body corporate
- At the annual general meeting of all owners