Body Corporate Info Request

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From: Wayne Scholes


Hi,
Can anyone give me some information on how to set up a body corporate.

Until now the four units in the complex that I own in have just had a loose arrangement in which one of the owner occupiers looks after the insurance and sends the other owners notice when it is due. This worked well, but now there is only one owner occupier and he wants to do work to the joint area of the property eg reseal pattern concrete on driveway get someone in to mow nature strip etc. He has called a meeting of owners to procure the extra money for this and I am now thinking that the time may have arrived to form a proper body corporate.

He has also given us notice that he intends to paint the exterior of his unit a hideous colour that will, as he puts "individualise" it. If we are successful in forming a body corporate what power will it have to prevent him from doing this. I have also recently heard of "sinking funds" can anyone explain what these are and how they tie in.

Regards
Wayne
 
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Reply: 1
From: Kristine .


Wayne

You may care to glance at my post under 'Landlords Insurance and Tenant Damage'

Regards

Kristine
 
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Reply: 1.1
From: Ctrader .


For Victoria, go to:

www.dms.dpc.vic.gov.au/

Click on Statute Book, then 2001 Statutory Rules, then scroll to Subdivision(Body Corporate)Regulations 2001
 
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Reply: 1.1.1
From: Sergey Golovin


Wayne,

Sinking fund, in simply terms, it is exactly what it is - fund.
It is pool of money put aside and available when it is required for fees, charges, renovations, etc.

The more money in the pool the more things can be done as you can imagine.

Serge.
 
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Reply: 2
From: Wayne Scholes


Hi All
Just a short note to thank Kristine,Ctrader & Serge for the info they provided on body Bodies Corporate, I will now be armed with something when I attend the dreaded meeting.
Wayne
 
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