The role of body corporate services is to manage body corporate assets and common property for the advantage of all of the owners. They undertake to fulfil all the tasks required under body corporate law. When a property is subdivided for multi-unit development purposes, the common ownership aspects of the property should be managed by a professional body. Once a Community Titles Scheme is registered, a body corporate is incorporated. There are many benefits of such an entity to all the owners of the property. Here are some of the many benefits of these services.
Community Titles Schemes allow you to share common property and facilities with other owners and occupiers. You can privately own an area of land or a part of a building under this scheme. Since a community titles scheme is made up of two or more lots, it should be a duplex, townhouse complex, residential unit block, shopping complex, business park or a high rise accommodation building. A body corporate is empowered under legislation to carry out duties such as:
- Managing and controlling body corporate assets.
- Maintaining, managing, and controlling the common property on behalf of its owners.
- Making its own rules known as by-laws. These laws will tell the owners and people who are living in the complex what they should do and not do.
- Decides on how much should be paid by the owners of the property so that the body corporate can operate without any problems.
- Take out appropriate insurance such as building insurance and public risk insurance on behalf of the owners of the property.
- Maintains records for the body corporate financial accounts, minutes of meetings, and a register of assets.
A professional body corporate service, like stratacare.com.au, will have gained several years of experience working with the technical details needed for the successful operation of managing the joint property. They can apply this knowledge when managing your property, and it will help save time and money.
You will have peace of mind knowing that your joint property is taken care of by a professional entity. Most people are emotionally involved in the process of managing their properties. This service can give you impartial and objective advice to get the maximum profits from your joint properties. Such a service provider will help you make the right decision for your future.
A professional body corporate service will have enough experience in working through risk management situations. This is an important aspect of managing your properties, especially when things don’t go the way you planned. You have greater peace of mind knowing that your investment is safe and secure. That’s why you need to work with a reliable body corporate service when managing common property and body corporate assets.
Choosing the best body corporate service in town isn’t easy with hundreds of such service providers operating out there. Your research plays an important part when doing so. The reputation and experience of these services are important things to look for in this regard. The aforementioned article provides information on the benefits of these services.
Nicola Holder 