Body Corporate

A body corporate is an organised group of individuals entrusted with the responsibility of overseeing and managing the affairs of a strata property like an apartment.

What is a body corporate? 

A body corporate is an organised group of individuals entrusted with the responsibility of overseeing and managing the affairs of a strata property like an apartment. Members of the body collaborate to make decisions concerning the collective interests of residents. 

What specific matters does a body corporate deal with? 

The biggest responsibility of a body corporate is maintaining the common areas of the strata building. This includes areas such as lobbies, hallways, pools and gyms. These decisions may include maintenance schedules, improvement projects, and rules governing the use of these shared spaces. 

How much are body corporate fees? 

Body corporate or strata fees, can vary depending on the strata building and extent of amenities offered. As a general rule of thumb, you can expect to pay anywhere between 0.3% to 1.2% of a property's value in strata fees. This amount is typically paid quarterly into a fund managed by the body corporate.

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