Recently we discovered there are many people who own Strata or Community Title Properties and surprisingly don’t fully know what it means. Firstly though, to understand more on Title types, have a read of this. In view of our findings, we had a chat with a Body Corporate Assistant at Strata Data and want to share some of their information with you. Below explains what a Body Corporate is and further detail on what you may hear mentioned regarding them!
What is it a Body Corporate and what do they do?
A Body Corporate assists Members of a Corporation with the daily operations and running of their group of properties. Responsibilities include facilitating maintenance and repairs, financial management and cash flow reporting, debt recovery, ensuring compliance with legal requirements and property legislation, conflict resolution, placing relevant insurance on the property, handling lodgement and insurance claim processing, assisting with building defects, and preparing the relevant Statements needed by Conveyancers and Agents for the sale of a property. As you can see, the list is quite large!
What are the main differences between a Strata and Community Corporation?
The primary difference between a Strata and Community Corporation lies in how boundaries are defined. Consequently, this then decides who is responsible for maintenance, insurance and adhering to the specific Acts.
What are By-Laws and why are they necessary?
Each Community Corporation creates specific By-Laws. The Conveyancer will prepare the By-Laws and have them lodged with the Lands Titles Office when creating the Titles. These are required under the Community Titles Act and provide rules and regulations to all owners, they guarantee consistent management and aim to keep the appearance of the Lots upheld.
Why is it better to have a Body Corporate manage Strata or Community Title Properties?
Managing a Corporation involves adhering to a number of legal requirements. This includes keeping financial records, notice and records of meetings, arranging insurance cover, facilitating claims and managing all common property maintenance. By appointing a professional it saves time, money and stress. Additionally, it assists in maintaining a happy, healthy environment that all residents can enjoy.
If you’d like to know more about Strata and Community Titles, visit the Strata Data website, or email us here.