About Body Corp
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Is it a unit / townhouse?
It sounds like a duplex?? It just means there is no overhead in running a BC and each owner (if in fact it is a duplex) is responsible for their own insurances etc. Many OO's see this as a benefit. The only real downside I can see is that if the 2 owners can't agree on something for the common areas (if there are any - some share a driveway for instance if they are not on a corner block), then it does not get done.
No body corp means there must be no common property.
As Propertunity said, many see this as an advantage.
Drawback is that you have no control over what happens to the rest of the property. Occasionally you see a RE ad for a duplex (or semi) where one half is spick and span and the other half is run down and entirely different paintwork etc. Drags down the "good" side.
Marg
As Propertunity said, many see this as an advantage.
Drawback is that you have no control over what happens to the rest of the property. Occasionally you see a RE ad for a duplex (or semi) where one half is spick and span and the other half is run down and entirely different paintwork etc. Drags down the "good" side.
Marg
As marg400 said, it would have to mean that there is no common propoerty - i.e. separate driveways, letterboxes, front and backyards etc. A common wall (eg in a terrace style structure) would not require a BC.
No downsides as such.
Cheers,
The Y-man
p.s. DO NOT take the agents word for it - check the seciton 32 for any common property, and a Owner's corp certificate. It might be that the Owner's corp (new term for BC) is registered, but they havene't taken on insurance or anything...
No downsides as such.
Cheers,
The Y-man
p.s. DO NOT take the agents word for it - check the seciton 32 for any common property, and a Owner's corp certificate. It might be that the Owner's corp (new term for BC) is registered, but they havene't taken on insurance or anything...
Our Son has recently purchased a freestanding house (in Vic) with individual everything except the driveway, the driveway is common property to two houses, but doesn't require an owners corp.
The drive is listed as belonging to both titles, it seemed an unusual one but it checked out ok legally, but still means that both owners are responsible for maintainance etc on the common ground.
The drive is listed as belonging to both titles, it seemed an unusual one but it checked out ok legally, but still means that both owners are responsible for maintainance etc on the common ground.
Our Son has recently purchased a freestanding house (in Vic) with individual everything except the driveway, the driveway is common property to two houses, but doesn't require an owners corp.
The drive is listed as belonging to both titles, it seemed an unusual one but it checked out ok legally, but still means that both owners are responsible for maintainance etc on the common ground.
It is true in that they are exempt from separate insurance etc, however, as of the beginning of 2008, the Owner's Corp is still required to be activated and a certificate issued on sale of the property
http://www.consumer.vic.gov.au/CA25...+&+Units~&3=60-New+laws+for+bodies+corporate~
Cheers,
The Y-man
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Clarification, sorry I didn't get home for two weeks, the titles are listed with the attached use and maintanance of the driveway, but neither own it.
When it was subdivided there mustn't have been "common ground" at this time, and the driveway access by road, was given to the crown therefore leaving two individual titles that didn't require an owners corp.
Sorry for any confusion, hope this explains it.
the titles are listed with the attached use and maintanance of the driveway, but neither own it.When it was subdivided there mustn't have been "common ground" at this time, and the driveway access by road, was given to the crown therefore leaving two individual titles that didn't require an owners corp.
Sorry for any confusion, hope this explains it.
