What is a Body Corporate?
A Body Corporate is a legal entity which is created when a community titles scheme (CTS) is created. All owners in a community titles scheme are automatically owners in the Body Corporate upon purchase of their lot.
The Body Corporate is given powers under the BCCM Act and associated modules to carry out its functions. The Body Corporate:
- maintains, manages and controls the common property on behalf of owners
- decides the amounts to be paid by the owners to make sure the body corporate can operate
- makes and enforces its own rules, called by-laws, which tell owners and other people who live in the scheme what they can and cannot do
- takes out insurance on behalf of owners, such as public risk insurance over the common property and building insurance
- manages and controls body corporate assets
- keeps records for the body corporate, including minutes of meetings, roll of owners details, financial accounts, registers of assets, improvements to common property by owners, engagements and authorisation