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For apartments and some townhouses, they can be what’s called ‘stratum in freehold’ or ‘unit title’. For properties that are unit title, there is a requirement for there to be a Body Corporate.
With a unit title property, you own your apartment or unit outright and anything else listed in the record of title, such as garages, car parks and private outdoor areas. You also have an undivided share of the common property, such as lifts, lobby areas, driveways, and gardens.
Owning a unit title means there are different obligations to standard house and land ownership. Unit titles are governed by the Unit Titles Act 2010, which sets out the rights and responsibilities of a unit title owner, so that the group of units can be managed effectively.
When you buy a unit title, you automatically become a member of the Body Corporate, which is made up of all the unit owners acting as a group. Body Corporates handle the management and maintenance of the building and property. Most day-to-day decisions of the Body Corporate can be made by a Body Corporate committee or with the agreement of 50% or more of the unit owners. Some decisions will require the agreement of 75% or more of the unit owners. The Body Corporate must hold an Annual General Meeting at least once a year to discuss issues and vote on them.
You will usually pay an annual fee or levy to the Body Corporate, which will go towards budgeted Body Corporate expenses. The fee will include costs like insurance and management expenses (by an external contractor), contributing to a long-term maintenance fund and any services the body corporate arranges for its members (for example rubbish collection and cleaning communal areas).
There are also body corporate rules that each owner must adhere to. Please ask your sales agent for a copy of these and the proposed budget. As with any property purchase, it’s wise to seek legal advice. Your lawyer or conveyancer can help you understand the Body Corporate rules, your obligations and what you can and can’t do with your apartment or townhouse.