administer common properties for the benefit of all the owners of the property. It is a legal entity established when a property is subdivided to build a community titles scheme. All of the landowners automatically become members of the corporation when they buy their specific lots. In fact, a is made up of two or more lots of lands, such as a duplex, townhouse complex, business park, shopping complex, or a residential unit block. A body corporate service is given powers to carry out the following duties under the law.
- Maintain and manage the property on behalf of its owners
- Manage the body corporate assets
- Obtain insurance for the common property on behalf of its owners
- Decides on an amount that needs to be paid by each owner to run the corporation
- Enforces its own rules or by-laws that tell what the owners and other people living on the property can or cannot do
- Keeps records of all dealings such as improvements to the property, financial accounts, and owner details
With a host of body corporate services functioning on the market, choosing the right one isn’t going to be an easy task. Your research is important when choosing the best service to manage your common property. Here are some tips to consider when choosing the best body corporate in your region.
Property maintenance is one of the most important roles of a body corporate. Hence, the service provider you hire should have an in-depth understanding of the nitty-gritty of property management. Poor maintenance of the property isn’t recommended at any cost. Since if someone is injured due to poor property maintenance, the responsibility falls on the property owners or building owners. That is why you should be looking for the body corporate’s property management expertise before hiring the project’s right company. On the other hand, the service provider should be good at. The knowledge put forth by the civil and administrative tribunal is essential in this regard. People management skills are also critical in this regard. These are some of the factors that you need to consider when choosing the best body corporate service in town.
Financial transparency is another important function of a good body corporate. As an owner, you need to know what is happening with your money and where it is going. Hence, the right service provider should be able to keeps books immaculately. The books should be available for your inspection whenever you ask for them. The best corporate body should have a good relationship with the contractors and suppliers in the area. This is very important to make sure that the building complex operates smoothly in the long run.
The aforementioned article provides information on what to look for when hiring a body corporate company.