When blocks of residential units or townhouses, complexes of industrial units, business parks and shopping centres are established, they all have a body corporate appointed.
A body corporate is a legal entity that manages all issues and administrative items related to the complex.
If you are an owner of a lot in a community titles scheme, you automatically become a member of the body corporate.
Owners of a lot must pay an annual body corporate levy to the body corporate. These fees are for the costs of running your particular body corporate. Levies are paid to the body corporate who then use those funds to on pay the costs.
As mentioned previously, the body corporate exists to deal with all issues related to the property whilst protecting the owners interest in the property.
There can be a number of building and owner/tenant issues than can arise that the body corporate may need to resolve. These issues can include:
- Ongoing maintenance of common areas such as gardens, recreational areas, BBQ’s, pools, tennis courts, garages and parking areas.
- Attending to structural defects within the property.
- Resolving disputes arising from noise, pets & parking.
From an administrative point of view, it is the body corporates responsibility to:
- Account to the unit owners with all records of it operations and meetings.
- Adequately invest the funds within the body corporate accounts and provide financial statements.
- Organise annual and special general meetings.
- Administer all insurance related items e.g. insurance cover & claims
- Deal with the day to day running of the body corporate.
Without a professionally run body corporate, the property and the owners investment is at risk of not being looked after properly, of being under insured or worse uninsured and opens up the property to a whole host of other issues.
Seymour Consultants have over 25 years experience in providing body corporate compliance and quantity surveying services to our clients.
We provide body corporate compliance and sinking fund reports and reviews so body corporate managers and property owners can rest assured their property is compliant in all areas.
If you want to make sure your body corporate is meeting its obligations or you are a body corporate manager and need professional assistance, call the industry professionals at Seymour Consultants today on 07 5573 4011.
We have the experience you can count on!