Body corporate services are an essential aspect of property management. They provide day-to-day maintenance, help with corporate body meetings, and more for all body corporate members. This article will go over three key points about body corporate services to give you a better idea of what they are and how they work!
What is body corp?
The first point that we’ll cover is the definition of body corporates. A body corporate can be defined as a group or association which exists separately from its members but provides them with some form of service or benefit. Their main objective is to protect the interests of third parties by giving standard liability coverage through insurance policies, managing their finances collectively through joint ventures, and creating and enforcing corporate body rules.
What is body corp used for?
The second point that we will cover is the services that body corporates can provide to their members or owners. If you’re an owner, they may be able to help with:
-Regular inspections and maintenance of common areas such as lobbies and walkways -Conducting surveys on major works required in all units before the commencement of building repairs -Maintenance costs are spread across each unit’s share value which ensures affordability -If any tenants wish to sell, body corporates have a right of first refusal under some state legislation.
What type of body corporation do I live in?
And finally, one question that we get asked fairly often by our clients is, “what type of body corporation do I actually live in?” Now, this can depend on factors including the body corporate’s rules and constitution and state legislation.
The body corporate is the organization that runs your corporate body community, which includes things like:
- common areas such as lobbies and walkways;
- conducting surveys on major works required in all units before the commencement of building repairs;
Maintenance costs are spread across each unit’s share value, ensuring affordability; finally, if any tenants wish to sell, body corporates have a right of first refusal under some state legislation.
What else should I know?
There are a few other things to consider when it comes to body corporate living. For example, if you’re planning on renting out your property, make sure you check with the body corporate about any rules or restrictions around this.
Additionally, remember that body corporates have the power to levy fines against unit owners who don’t comply with their laws.
In conclusion, body corporate services are designed to ensure that body corporates can work together and provide a quality living environment for all residents.
