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Things You Should Know Regarding Unit Titled Properties
What are unit titled properties, what are strata titled properties, and what exactly is a Body Corporate? We break down the jargon.
What is a Body Corporate?
A Body Corporate is a legal entity made up of all the owners within a unit-titled property. Owning a unit or apartment in a complex automatically makes you a member of your property’s Body Corporate, which gives you a say in the daily running and maintenance of the Body Corporate. You also have a say in any financial obligations to which you are required to contribute.
What is a Unit Title?
When a multi-unit dwelling is developed, it is generally on a form of land title called ‘unit title’ or ‘strata title’. In such a multi-unit dwelling, there will be property that is ‘common’ to more than one of the units in the complex. So for example, an apartment building will have a lobby, and a roof, and a lift, and parts of the building envelope, which serve more than one unit. That type of property is called ‘common property’.
As part of the creation of the titles for a unit title complex, the developer creates and lodges what is called a ‘unit plan’. This is the document that sets out which parts of the building are private property, and which parts are common property. At the time that the sub-division of the original land title into the private units and common property is effected, a ‘Body Corporate’ comes into existence.
What are Strata Titled Properties?
A strata title is simply another name for a unit title.
What are Examples of Different Unit Title or Strata Title Properties?
Residential unit title developments are typically apartment blocks, units and townhouses. Commercial unit title properties include retail complexes, office blocks and industrial developments.
What are the Benefits of Buying into a Body Corporate?
There are many advantages to buying into a Body Corporate. Increased affordability, lower maintenance, well-kept common areas, premium facilities and on-site security are just some of the benefits. Buying in a Body Corporate is also well suited to first home buyers. Read our article Is Buying a First Home in a Body Corporate A Good Idea? to find out the pros and cons.
What Should I be Aware of When Buying into a Body Corporate?
There are some considerations to take into account before buying an apartment in a Body Corporate. These include the varying costs of Body Corporate levies or fees, parking availability, a requirement for Body Corporate approval for some upgrades to your property and whether your building has a long-term maintenance fund.
If you’d like to find out more about living in a Body Corporate take a look at our articles Understanding the Jargon of Bodies Corporate and How are Decisions Made in a Body Corporate?
For additional advice on buying or selling in a Body Corporate, contact Crockers’ helpful Community Living experts at 09 968 3311 or email email@example.com