Common Property Boundaries
Defining common property boundaries in a body corporate is essential in working out who is responsible for what. As a general rule of thumb: common property = body corporate responsibility, lot = lot owner responsibility. Bodies corporate are forbidden from spending joint funds on works that benefit a lot and for lot owners there is no […]
What is Common Property and Why is it Important?
Buying a unit is different from buying a house. The key difference is the ownership structure. With a house, your lot is your lot and that’s it. With a unit the lot itself is only a part of the overall value of the unit. As important is the common property of the body corporate within […]
Exclusive Use Allocations
Sometimes parts of the body corporate common property are allocated to specific lot owners as exclusive use. If exclusive use allocations are made they must be recorded and then the allocation becomes, well, for the exclusive use of that lot owner. Basically an exclusive use area becomes an extension of the lot and the lot […]
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; […]