A body corporate, often known as a strata corporation, is a legal company responsible for the management and upkeep of the common property in a multi-unit building or complex. It is in charge of the management and upkeep of common spaces such as the building structure, roof, outside walls, gardens, and swimming pool, among other things.
The body corporate geelong is a legal entity formed when a property is partitioned into many pieces. It is in charge of managing and maintaining the building’s or complex’s shared property and facilities. The body corporate is made up of all the unit owners, often known as lot owners. Each lot owner has equal participation in the body corporate, and collectively they make decisions about the management and care of the common property. A body corporate is regulated by by-laws, which are rules and regulations that outline how the body corporate runs. The by-laws include topics such as the usage of common property, the behaviour of lot owners and their guests, and the decision-making process.
The body corporate functions by conducting meetings and making decisions regarding the management and upkeep of the common property. These decisions are decided by the lot owners, who have the right to vote on issues affecting the body corporate. The meetings are usually held once a year and are referred to as the Annual General Meeting (AGM). The lot owners elect a committee at the AGM, which is in charge of overseeing the body corporate’s day-to-day activities. The body corporate is managed by a committee of lot owners who contribute their time and expertise.
In addition to the AGM, the committee has the authority to organize special meetings to address specific concerns that arise. Lot owners can also request a special meeting if they want to discuss a specific topic. The committee is in charge of the body corporate’s finances, including collecting levies from lot owners to pay for common property maintenance and repair. It is also in charge of enforcing bylaws and resolving lot owner issues.
The committee manages a body corporate and is responsible for ensuring that the common property is maintained and managed in compliance with the by-laws. The body corporate is managed by a committee of lot owners who contribute their time and expertise.The committee is in charge of a variety of activities, including managing the body corporate’s finances, which includes collecting levies from lot owners to pay for upkeep and repairs. Making certain that the shared property is maintained and repaired as needed Enforcing the bylaws and resolving lot owner problems Making management and maintenance decisions for the common property Creating and distributing meeting notices and agendas, Maintaining detailed records of discussions and decisions made, as well as Creating financial accounts and reports for the corporation, etc.
The committee must act in the best interests of the body corporate and lot owners. It must make judgments that are fair and reasonable, taking into account all lot owners’ wants and concerns. A body corporate can hire a professional strata manager in addition to the committee. A strata manager is a professional with experience managing body corporates who can advise and help the committee. Strata managers can assist with activities such as financial management, record keeping, and conflict resolution.
