What is a Body Corporate?
According to the Queensland Government website, "A body corporate is a legal entity which is created when land is subdivided and registered under the Land Title Act 1994 to establish a community titles scheme. All of the owners in a community titles scheme are automatically members of the body corporate when they buy their lot."
(www.qld.gov.au/law/housing-and-neighbours/body-corporate/roles/body-corporate accessed 18 December, 2019)
What is the Role of a Body Corporate?
In Queensland, the body corporate administers common property and body corporate assets for the benefit of the owners.
The body corporate is ruled by state legislation and given powers to carry out duties including the following:
maintaining, managing and controling the common property on behalf of owners
deciding the amounts to be paid by the owners to make sure the body corporate can operate
creating and enforcing rules, called by-laws, which tell owners and other people who live in the scheme what they can and cannot do
taking out insurance on behalf of owners, such as public risk insurance over the common property and building insurance
managing and controlling body corporate assets
maintaining 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 authorisations
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