Buying guide
What is a body corporate and how does it work?
If you buy an apartment or townhouse you may need to deal with a body corporate. Here’s everything you need to know
AI summary
When buying a unit title property like an apartment, you automatically join a body corporate. This legal entity, comprising all owners, manages shared areas, maintenance, insurance, and sets rules for the building.
Owners pay annual body corporate fees to cover these costs. Before purchasing, it is crucial to conduct due diligence by reviewing the body corporate's financial records, meeting minutes, and long-term maintenance plan to understand its financial health and any upcoming expenses.
How does a body corporate work?
How much are body corporate fees?
Your body corporate may limit the way you can use your property.
Body corporate rules explained
Buyer’s due diligence: how to find body corporate details
Always check the body corporate rules before buying an apartment.
Getting help reviewing your body corporate
Author
Search
Other articles you might like
