Unit owners forming a corporation within a strata building and common areas.
Under the latest type of legislation relating to Villas, Town Houses, Flats and Home Units, the control and administration of common property is vested in a statutory Body Corporate which comes into existence automatically on the registration of the plan, and to which the provisions of the Companies Act do not apply. The registered proprietors of the units are the members and the only members of the Body Corporate. The rights and obligations are fixed by scheduled by-laws. Easements for the protection and enjoyment of the units and common property are also provided for. The name also applies to share holders in Units under Company Title.
a statutory corporation (although not governed by the Corporations Law) and can sue and be sued in its own name
A strata corporation incorporated in relation to land subdivided wholly or mainly for residential purposes under a law providing for strata, cluster, percent or other subdivision of land or whose issued shares give a right to occupy land for residential purposes. The Body Corporate usually has the responsibility for the management and upkeep of common areas of the property.
a self-elected council of owners of the units in a strata building, formed to manage the building and common areas.
A body corporate provides a legal framework in which unit owners or occupiers can enjoy common property together. Common property may include driveways, paths, stairs, passages, lifts, lobbies, common garden areas and other facilities set up for use by all members and occupiers of the units
A corporate entity that is comprised of multiple owners of units in a common building.
A group of owners of units within a building who form a self-elected committee to administer and manage common areas and the building
A group consisting of the owners of each strata property, formed to maintain the common areas of flats or units and to take out insurance for the common areas.
The owners of the units/apartments within a building form a Body Corporate. These owners select a council who are responsible for the maintenance of the building (which includes all common areas).
A corporation of the owners of units within a strata building. They form a self-elected council for the management of the building and common areas.
An administrative body made up of all the owners within a group of units or apartments of a strata building. They form a self-elected committee or council for the management and upkeep of the buildings and common areas.
Generally for units where there are multiple owners. A Body Corporate manages the ongoing expences and day to day running of the building. They may pay for building insurance ground upkeeps etc. With different States in Australia having differing rules for body corporates it is often useful to employ professional body corporate management.
A corporation of the owners of units within a strata building. The owners elect a council responsible for the management of the building and common areas.
An administrative body made up of all the owners within a group of units or apartments of a strata building. The owners elect a committee, which handles administration and upkeep of the site.
A corporation of the owners of units or townhouses within a strata building. They form a self-elected council to manage the block and maintain common areas. BRIDGING FINANCE: Short-te rm finance that covers the gap between the purchase of a new property and the sale of an old property.
Administrative body made up of all the owners within a group of units, apartments or conjoined housing in a strata scheme.
A Body Corporate comprises the owners of a unit titled property under the Unit Title Act 1972. Each unit has its own legal title and is transferable and mortgagable. If you are the owner of such a property then you are a member of a Body Corporate. Many types of property can be put on Unit Title. Townhouse complexes, apartment blocks, flats and commercial office buildings are often Unit Titled. A Body Corporate is identified by unique number e.g. Body Corporate 312119. The legal description details a Principal Unit and Accessory Unit if applicable - the latter being car parks or garages. For example, you may own Principal Unit A and Accessory Units 1 and 2 of Body Corporate 312119. Principal Unit A will be your dwelling and Accessory Units 1 and 2, car parks allocated to the dwelling. Another term for Unit Title is Strata Title.
Elected council for the management of building and common areas of a strata building such as an apartment block
A body corporate is an entity that has a separate legal personality and includes a company registered under Australian company law or an incorporated association. Certain transfers between related bodies corporate are exempt.
The administrator of a building comprised usually of units or apartments. Most actions that will affect the building and its tenants need to be approved by the body corporate, which in turn is controlled by the owners of the building.
Where your property has a unit title, there will be an administrative group called “the body corporate” that is responsible for the management, administration and use of all the units in the common property the make up the whole building. Each unit owner is a member of the body corporate and each has a share of voting rights, where votes are taken to decide body corporate matters.
All of the owners collectively of the common property in a block of units. The council of the Body Corporate, which is elected by the members, meets regularly to discuss various matters relating to the administration of the building (for example, upkeep of common property).
The collective ownership of the common areas in a block of apartments or multi-dwelling complex. It is responsible for the administration and upkeep of the areas shared by all the owners.
The administrative body to manage the upkeep of the units or apartments of a strata building nominated by all the owners within the group title. Hide Definition
an owners’ group in a strata building which looks after administration and upkeep of the site
A body corporate is the English legal term for a corporation. It is distinct from a natural person, although it has many of the same legal rights.
