What are some of the obligations of a body corporate?
The governing legislation for unit titled property is the Unit Titles Act 2010.
Carrying out its duties in accordance with the body corporate rules.
Insuring all buildings and other improvements on the land to replacement value (including demolition costs and architect’s fees).
Keeping the common property in a state of good repair.
Comply with any notice or order duly served on it by any competent local authority or public body requiring repairs or work to be performed on the land or any building or improvements.
Controlling, managing and administering common property and doing all things necessary to ensure enforcement of the body corporate rules.
Doing all things reasonably necessary for the enforcement of any lease or licence under which the land is held.
Establishing and maintaining a fund for administrative expenses sufficient for the control, management, and administration of common property, and for the payment of any insurance premiums, rent, and repairs and the discharge of any other obligations.
Determining the amount of levies for each proprietor that may need to be raised to maintain the property in proportion to their unit entitlement.