A Body Corporate is the name given to represent all lot owners within a strata scheme.
When you purchase a Lot, such as an apartment, a townhouse, villa or even house, you automatically become part of the Body Corporate for your building.
The Body Corporate is responsible for the overall management of the strata scheme. This includes financial management, arranging insurance, conforming to strata law and by-laws, record keeping, ongoing maintenance and managing repairs of common property.
As a lot owner, and part of the Body Corporate, you also share the ownership and responsibilities of common property with other owners in the scheme.
The Body Corporate should hold regular meetings to discuss the scheme’s management and decide on a course of action to manage tasks required.
To enable quicker and more precise decision making in your strata scheme, every year you can nominate yourself, or vote for candidates, to form the Body Corporate Committee at the Annual General Meeting (AGM), who will in turn represent all owners.
It is in your best interest to attend these meetings, or review the minutes of meetings, especially the Annual General Meeting.
You have a right to participate in the decision making of your scheme and influence how your community functions.