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Body Corporate

A body corporate, otherwise known as an owners corporation, manages the common property of a shared property.

You’ll find body corporates in a range of different property types, including apartment blocks, townhouses or mixed-use developments, both residential and commercial.

The simple aim of the body corporate is to manage the common property on behalf of all the owners.

 So what is common property?

Properties with multiple dwelling usually have “common property.”

This can include the shared features of a property such as a driveway, gardens, foyers and stairwells as well as facilities like the laundry, gym or pool and also the open spaces on the property.

This common property must be managed and have liability insurance.

In Victoria

Until 2006 they were previously known as Body Corporates when the Owners Corporation Act was introduced to deal with the immense growth in community living and the legislation changed the name to Owners Corporations.

The Act sets out the rights and responsibilities of the owner of a property or properties in a community housing setting.

Across Australia

In New South Wales they’re also known as Owners Corporations or Body Corporates, and you may see the term Strata Plan or Scheme used.

In Queensland, Tasmania, the Australian Capital Territory and Northern Territory, the official term under state legislation is still Body Corporates.

South Australia uses the term Strata Corporation, and Western Australia calls them Strata Companies.

Each of these bodies shares the same aim, but legislation varies slightly.

 

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About

Michael is a director of Metropole Property Strategists who help their clients grow, protect and pass on their wealth through independent, unbiased property advice and advocacy. He's once again been voted Australia's leading property investment adviser and his opinions are regularly featured in the media. Visit Metropole.com.au


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