Common Property
The body corporate is responsible for managing the common property. In fact that’s a nice simple definition of what a body corporate really is. Common property is the area that is not contained within the lot. That’s not really clear so lets look at some examples. Two Types Of Body Corporates There are two types of body corporates; […]
Schedule of Lot Entitlements
Who pays for what when ownership is shared? For all their complexity body corporates are simply mechanisms for managing common property. That common property is owned by the collective lot owners who are responsible for paying for the upkeep of said property by way of levies. How to actually calculate who pays and owns what is defined […]
Does A Section 206 Disclosure Statement Expire?
If you’re selling a lot in a body corporate in Queensland then you will need to provide your agent(s) with section 206 disclosure statement. Some agents suggest that you get a disclosure statement as soon as you list your property, however it can be many months between listing your property and any actual contract for […]
Changes To Lot Entitlements Legislation
This week the Queensland parliament have passed the Body Corporate & Community Management Amendment Bill 2012. The Amendment Act amends another amendment act that was passed in 2011 that amended some case law that had been in effect since 2004. Specifically the issue all these laws relate to is levies, or more precisely the contribution lot […]
What is a Body Corporate
When we talk about body corporate most people picture either a high rise building or a group of townhouses. Strata titling, the process that creates a body corporate can be used for all sorts of developments. In this article I look at the most common types of body corporate.