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Just purchased a lot for the first time in a body corporate scheme? Here are some basics of body corporate to help get your started.
A body corporate is a legal entity which is created automatically when a community titles scheme (CTS) is created. A body corporate is the legal structure that allows individual owners in a development to jointly own, manage and pay for the shared areas of the development.
A body corporate is similar to a company, where the owner of each lot in the body corporate is like a shareholder. The body corporate’s sole purpose is to manage and operate the development for which it was created.
All lot owners in the development are automatically members of the body corporate. In a townhouse development with 100 lots, there would be 100 members of the body corporate.
Membership of the body corporate is not optional and all members have some obligations.
While all members have some obligations (e.g. paying levies), participation in the democratic decision-making processes is optional.
A community titles scheme (CTS) is a type of development under which multiple lots and common property can be created on a single piece of land. This structure allows individual people to buy the separate lots and jointly own and manage the shared areas on the land.
This type of scheme is very common for duplexes, residential units and high-rise, townhouses, commercial office parks and other developments.
A body corporate special resolution is a formal voting requirement used in community titles schemes for decisions that are considered significant or high-impact.
Valid voting is essential to ensure that decisions made in a body corporate are legally sound, fair, and enforceable. Whether it’s approving a budget, electing a committee, or passing a by-law, the integrity of the voting process determines the validity of the outcome.