In Queensland, a body corporate's duties include carrying out tasks mandated by body corporate law as well as managing common property and body corporate assets for the benefit of all owners.
A body corporate's definition
When land is subdivided and registered under the Land Title Act of 1994 to create a community titles scheme, a body corporate is constituted as a legal entity. When they purchase their lot in a community titles scheme, all of the owners are automatically members of the body corporate.
Plan for community titles
Through community titles programs, you can privately own a plot of land or a portion of a building while still having access to shared resources and amenities with other owners and occupants. Know more about https://qldbusinesspropertylawyers.com.au/.
Considering that a community titles system consists of two or more lots, it could be:
Duplex housing complex, townhouse development, hotel tower, shopping center, and business park.
A body corporate's functions
The law grants the body corporate the authority to perform the essential obligations.
The corporation:
creates and enforces its own rules, known as bylaws, that specify what owners and other residents of the scheme may and may not do; maintains, manages, and controls the common property on behalf of owners; determines the amounts to be paid by the owners to ensure the body corporate can operate; and obtains insurance on behalf of owners, such as building insurance and public risk insurance over the common property.
control and manages the assets of the body corporate
maintains records for the body corporate, such as meeting minutes, owner information from the ownership roll, financial records, asset registrations, changes made to common property by owners, engagements, and authorizations.
At general meetings and via the committee, the body corporate decides on these and other issues.
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