A body corporate is a legal entity that is formed when you purchase a unit title property, such as an apartment or townhouse. It comprises all the unit owners within a multi-unit development and serves as a governing body to manage the shared interests and responsibilities of the property.
When you buy a unit title, you not only own your individual unit but also hold an undivided share of the common property, which includes areas like lobbies, gardens, and driveways. This means that you have rights and obligations associated with the maintenance and management of these shared spaces.
The body corporate operates under the Unit Titles Act 2010, which outlines the rights, responsibilities, and governance of unit title ownership. Membership in a body corporate is automatic upon purchasing a unit, and it comes with the responsibility to contribute to the upkeep of common areas through regular fees or levies.
Key Points:
- Membership: Automatic upon purchasing a unit title.
- Shared Responsibility: Owners share responsibilities for common property maintenance and management.
- Legal Framework: Governed by the Unit Titles Act 2010.
Understanding the structure and function of a body corporate is essential for any potential unit title owner, as it helps in navigating the shared responsibilities that come with this type of ownership.
