Introduction to body corporate
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Why does a body corporate exist?
What is a body corporate?
What is the role of the body corporate?
- Determine the contributions (levies) payable by owners required to fund the operation of the body corporate.
- Collect additional contributions for the future maintenance of the common property (sinking fund).
- Insure the common property, including public liability insurance.
- Establish by-laws (rules) that govern:
- Management and control of common property and body corporate assets;
- Use and enjoyment of lots, common property and assets.
- Keep records of the body corporate’s operations, including meeting minutes, roll of owners, financial accounts and various other registers.
Who is a member of the body corporate?
What are lot entitlements?
In other schemes, such as a high-rise on the Gold Coast for example, a four bedroom penthouse apartment may have more entitlements than a one bedroom apartment. The difference in entitlements means the owner of a penthouse contributes in greater proportion to the administrative and sinking funds, and also may own a larger share of the common property.
Each lot in the scheme has two schedules of lot entitlements – ‘contribution schedule’ and ‘interest schedule’. A table of the two schedules of entitlements for the entire scheme is contained in the CMS, see example below:
|Lot on plan||Contribution schedule||Interest schedule|
|Lot 1 on SP12345||1||22|
|Lot 2 on SP12345||1||22|
|Lot 3 on SP12345||3||33|
|Lot 4 on SP12345||4||37|
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