Do you own a property that is managed by a body corporate? If so, it’s important to understand what body corporate services are and what they entail. In this article, we will discuss the basics of body corporate services and provide you with all the information you need to know about them. We will also answer some of the most commonly asked questions about body corporate services. So, whether you are new to this concept or just want to learn more, read on for informative tips and advice.
- What is a body corporate? A body corporate, also known as a property owners association or strata corporation, is an organization made up of the owners of units within a multi-unit development or building. These organizations are responsible for managing common areas and shared facilities, creating and enforcing rules and regulations, handling insurance, and overseeing financial management.
- What do body corporate services include? Body corporate services can vary depending on the specific needs of the body corporate, but typically include maintenance and upkeep of common areas such as gardens and pools, organizing meetings and voting processes, budgeting and financial management, collecting body corporate fees from unit owners, insurance coverage management, dispute resolution between unit owners, and more.
- How are body corporate services organized and managed? A body corporate committee composed of elected unit owners is responsible for making decisions and managing body corporate services. The committee may also employ a body corporate manager or engage external body corporate service providers to assist with the day-to-day operations.
How do these services work? Each unit owner is a member of the body corporate and pays body corporate fees, which go towards funding body corporate services. These fees cover the costs of maintenance and management of common property, as well as insurance coverage for common property.
It’s important to note that body corporate services do not cover any individual unit or owner-specific maintenance or insurance requirements — these are the responsibility of the unit owner.
Body corporate services can greatly benefit those living in a strata community by ensuring the smooth running and upkeep of common property and facilities. It’s important for all unit owners to understand their rights and responsibilities as members of the body corporate, as well as staying informed about body corporate decisions and processes.
In conclusion, body corporate services play a crucial role in maintaining the functionality and value of strata properties. It is important for unit owners to stay informed about body corporate services and actively participate in their management.
