5 Persistent Myths About Body Corporates
I read a lot of body corporate records. Those records comprise everything from official documents to professional reports, minutes and of course correspondence. I can safely say, after all this reading, people have some really strange ideas about body corporates. Mostly those ideas are pretty benign, sometimes hilariously funny and in the end don’t make […]
Do I Need A Section 206 Disclosure Statement For My Duplex?
A duplex is defined as a house divided into two lots, each with it’s own entrance. Most, though not all, duplexes are characterised by joint wall(s) somewhere in the building. Just because there are two lots in a duplex doesn’t necessarily mean there are two titles and the lots can be sold separately. Quite the […]
Case Study: The Lift Replacement and Insufficent Body Corporate Sinking Funds
Insufficient body corporate sinking funds can be hidden within a healthy looking sinking fund balance. Context is needed to be able to judge. Privacy note: This is an illustrative composite based on recurring issues seen in body corporate records. Figures and circumstances have been adapted and do not identify a particular scheme. The Scenario A […]
How To Find Units With Low Body Corporate Fees
Average body corporate fees in south east Queensland run around $5,000 – $6,000 per annum. That’s $96 – $115 per week. Many are a lot higher. The highest levy I’ve ever seen was around $25,000 p.a. or $480 per week. And of course many levies are much lower than that average. The lowest levy I’ve […]
The Hazards of a Poor Body Corporate Committee
A body corporate committee can have a significant influence on how a scheme operates. Its decisions affect maintenance, spending, communication and the way problems are handled. When that process works well, owners may barely notice it. When it breaks down, the consequences can accumulate: repairs remain outstanding, disputes consume time, and costs are deferred until […]
4 KPI’s To Tell If A Body Corporate Is Financially Sound
A body corporate is a mechanism for managing common property. A mechanism funded by lot owners. Body corporates can and do run into difficulties stemming from many different issues. And if they get into difficulty they’re most likely going to finance any extra funds needed by way of levies on the lot owners. If its important to you to […]
Body Corporate Problems: The 5 Areas Where Things Go Wrong
For the most part body corporates are well managed, fiscally sound, have a great mix of residents and make for good investments. Sometimes though, they’re not any of those things and the results can be incredibly costly and stressful. Body corporate problems come up in all sorts of areas, some easily dealt with, some not so […]
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 […]