How To Decide If Body Corporate Problems Will Affect You
My role is to find body corporate problems. Find them and report them to the buyer or buyer’s Solicitor. But not all body corporate problems are actually, well, problems. A lot depends on their impact. This article is about weighing the pros and cons of body corporate problems to decide if they’re an issue for you, […]
10 Questions To Ask Before Buying A Unit
If you’re thinking of buying a unit then, most likely, you will be buying into a Body Corporate or Owners Corporation. Strata titled properties are different from free standing houses in a number of different ways. Firstly along with ownership of your unit you’re taking on a share of the body corporate as well, with […]
Can I Renovate A Unit?
Many people buy property planning to renovate and, ideally, add substantial value. But what if the lot in question is a lot in a strata scheme? Can you still renovate a unit? And just how much do you need to involve the body corporate in the process? As with most things body corporate the answer […]
“There Is No Body Corporate” and Other Myths About Duplexes
Out of a total of 42,948 different body corporates in Queensland 30,211 have fewer than six lots. That’s 70% of all strata schemes in Queensland. And the vast majority of that 70% will be made up of duplexes, the humble two-lot dwellings that dominate our suburbs. By now you may have already spotted the most common myth […]
Who Pays Special Levies: The Buyer of The Seller?
Special levies happen in body corporates more often than you might think, and, for some lot owners it’s “the final straw” and the reason they decide to sell. Does that mean any new owner automatically becomes responsible for paying those special levies? As with most things in the body corporate industry, it’s depends. It will […]
What Is A Building Management Statement?
A Building Management Statement (BMS) is a document that governs how shared facilities are accessed, maintained and funded. That’s a fairly simplistic definition of something that is very complex. A BMS must be registered over at least two lots, at least one of which must be a volumetric lot. What is a volumetric lot? Our […]
Body Corporates & Building Defects
In the June issue of Strata Voice there’s an interesting article “Is Strata Title Keeping Up With Higher Density” presenting research by City Futures Research Centre at the University of New South Wales. The research reveals 72% of those surveyed had experienced one or more building defect. That figure becomes 85% for buildings built since 2000. These […]
Body Corporate By Laws and Older Buildings
Body corporate by laws and older buildings can be complicated. Records get lost and house rules are adopted but never recorded making a murky environment for purchasers. If a portion of the common property has been set aside as exclusive use for a particular lot this allocation is recorded in the by laws. It’s particularly […]
Body Corporate Levies and Prompt Payment Discounts
Body corporate levies are different from other sorts of accounts; they attach to the lot rather than the lot owner. This is because a body corporate isn’t offering a service like a Strata Manager, or selling a product like Telstra. A body corporate is managing the affairs of a building for, and by, a group […]
A Quick Guide To Levies In Arrears
In any group of people required to contribute financially on a regular basis there is inevitably going to be someone who defaults. In body corporate lexicon a levy issue that has been defaulted on, ie an invoice that has not been paid by the due date, is considered “Levies in Arrears”. It’s a good idea […]