What’s On The Agenda At The Annual General Meeting
Every body corporate must hold an Annual General Meeting (AGM) within three (3) months of the end of financial year. But what if you don’t actually have any business going on at present? There are plenty of body corporate’s out there which are well managed and maintained and have few issues requiring works or owners […]
The Process Of Holding An Annual General Meeting
Every year each body corporate is required to hold an Annual General Meeting (AGM) within three (3) months of the end of financial year. Of course a lot of body corporates do go over that three month limit due to all sorts of reasons. In that case the committee are expected to apply to the […]
Body Corporate Managers: What Do They Really Do?
Body corporates are run by a committee elected by all lot owners voting at the Annual General Meeting. This can cause some problems since body corporates are heavily regulated and the buildings involved can be both innovative and complex whilst most committee members are volunteers with little to no experience of the property industry. Clearly there’s a […]
What Are Management Rights?
Say you live in a body corporate, an apartment building like the one pictured here. Who do you think vacuums the carpet? Who cleans the pool? Who changes the light bulbs? There are hundreds of small tasks involved in maintaining the common property of a building and all those tasks are the responsibility of the […]
Asbestos Register: What Is It And How Does It Affect Body Corporates?
61.4% of New South Wales do-it-yourself renovators reported being exposed to asbestos whilst undertaking renovations of their properties. 39.3% also reported their partner had also been exposed and a further 22.8% that their children had been exposed. I don’t know about you but that idea just terrifies me. Asbestos is such a silent killer. Once exposed it can lurk around […]
The Dangers Of A Majority Lot Owner In A Body Corporate
This week in Purchase or Pass a two bedroom, one bathroom, clean and tidy lot in a good location with pleasing aspect was the subject of discussion. The catch: One lot owner has a 75% majority holding within the building. The panel of experts unanimously agreed they would pass on this opportunity, despite each believing the lot […]
Substantial Levies In Arrears
Levies in arrears are always an issue for body corporates, but especially so when those arrears become substantial. I have defined substantial levies in arrears as over 20 – 25% of total funds held – calculated by dividing levies in arrears by current total funds held. This is the point where liquidity will start to […]
Body Corporate Records Are Private Information
Under the various states legislation strata schemes are required to keep extensive records of their expenditure and decision making. However, just because body corporate records are kept doesn’t mean anyone can access them. In fact body corporate records are private information. You wouldn’t ask to view your neighbours financial records just because you’re interested and the same applies to […]
How To Calculate Body Corporate Levies
Mention the word body corporate and most people immediately think of levies. I’m convinced it’s the one thing that everyone knows about body corporate’s that’s actually correct. Every body corporate does issue levies. What amount those levies are is vastly different from building to building. I’ve seen levies per lot as low as $55 per year and as […]
How Property Developers Choices Impact Body Corporates
Property developers are a powerful force in the way out cities and towns are presented. Quite literally to develop a community is to give it physical form. Where I live I see the marks of the developer everywhere; in the size of the blocks, the layout of the streets and the lack of footpaths. All […]