Body Corporate Management
Strata Title Management
What are the requirements for Body Corporate Companies?
If you live in any kind of shared accommodation or on an estate with a shared area, then you will probably already have become part of a body corporate for the scheme. This body corporate, also known as an owner’s corporation, is designed to help people move towards better community and social living. This is why the whole community has to be involved in the Owners Corporation or body corporate.
What makes a tenancy a strata scheme?
When the developer builds on a plot of land and develops individual lots with shared courtyards or driveways, or any other piece of land which could be regarded as common property, then a need for a body corporate or owner’s corporation is established. In order to be a member of the body corporate or Owners Corporation, you need to be a lot owner. If you sell your property you also forfeit your position on the owner’s corporation. All lot owners are jointly responsible for financial, maintenance and other vital services which are required by the lot owners of the common area. You must abide by a series of rules or bylaws agreed to by the corporation which offer advice on how lot owners should behave and how visitors and tenants should behave.
One of the most important parts of the body corporate or Owners Corporation is the establishment of sufficient insurance for the strata scheme, to ensure all common or shared areas are covered under the insurance policy. This insurance will also protect the owner’s corporation should people injure themselves whilst enjoying the common area. The most important aspect of the insurance policy is public liability insurance, which protect lot owners in the case of an accident in the common area. You must be certain that your insurance complies with the legislative requirements of your state.
What is the best way to handle a strata title?
If you have no experience in managing a strata titled scheme, then you might decide that you need assistance in overseeing the day-to-day running of your scheme. The best way to do this is to engage a body corporate or owner’s corporation manager. These are professionals who come in and deal with the financial, administrative and day-to-day management of the corporation. They will arrange the insurance and work to resolve any common area disputes, levy-raising, and tax filing.