What is a Body Corporate?
A body corporate comprises all owners of unit titled development.
Unit titles are a common form of multi-unit ownership and allow
owners to own an area of land or part of a building and share in
the common property with other unit owners.
With combined individual and shared ownership structure of land
and buildings often in a high density housing development, there
are a set of rights and responsibilities that differ to the more
traditional house and land ownership structure.
Unit titled ownership has a body corporate management structure
where decisions about the units and the common property need to
be made by the owners working as a collective. The main governing
legislation for unit titled properties is the Unit Titles Act 2010 and its
regulations.
Unit titles are sometimes referred to as strata titles. There are many types of buildings owned as unit titles.
They include:
· high rise and low rise apartments
· flats
· townhouses
· car park buildings
· retail shops
· industrial units
· commercial offices
· residential and commercially mixed complexes
So if you own a property that is on a unit title, you are part of the Body Corporate.
