Body Corporate Questions

[kezza1612]

Can someone enlighten me on a couple of Body Corporate questions? 4 unit complex in Qld.

1 How do I get a copy of the Body Corporate By-laws?
2 Should a copy be supplied with the signed contract from the REA?
3 Do the by-laws dictate when the AGM is/should be held?
4 Are the financials for the Body Corporate based as 1/7 to 30/6 financial year?
5 When (as an owner of a unit) will I receive a copy of the Body Corporate financials? With notification of the AGM?
6 Is is usual for a unit owner to also be the Body Corporate Manager in such a small group of units?

Thanks for your help.

 

[Rixter]

1 How do I get a copy of the Body Corporate By-laws?

From the Strata/BC Manager

2 Should a copy be supplied with the signed contract from the REA?

The REA should have the info available to you prior to signing contact. If not your solicitor can provide you a copy when they do all the relevent searches.

3 Do the by-laws dictate when the AGM is/should be held?

Last AGM minutes will show date, time & location AGM took place. You usually get notice of next AGM a month out from proposed meeting.

4 Are the financials for the Body Corporate based as 1/7 to 30/6 financial year?

Yes all mine are.

5 When (as an owner of a unit) will I receive a copy of the Body Corporate financials? With notification of the AGM?

With proposed AGM agenda & prior to signing contract.

6 Is is usual for a unit owner to also be the Body Corporate Manager in such a small group of units?

Can be a owner or professional manager.


Hope this helps

 

[ani]

4 Are the financials for the Body Corporate based as 1/7 to 30/6 financial year?

No it depends on when the first AGM was.

 

[Qlds007]

As the owner of City Body Corporate in Brisbane I might be able to answer a few of these for you:

Can someone enlighten me on a couple of Body Corporate questions? 4 unit complex in Qld.

A) As the number of units in the block is less than 5 there is no actual need to have formed a Body Corporate in Qld. It may well be that the owner is running it himself.

1 How do I get a copy of the Body Corporate By-laws?

A) Dependant on above will determine where if relevant you can obtain a copy of the By-laws. Normally a newly formed BC will adopt the standard conditions with certain mention to the common areas.

2 Should a copy be supplied with the signed contract from the REA?

A) No in Qld this is not a requirement and would come from the a search of the Body Corporate records if applicable.

3 Do the by-laws dictate when the AGM is/should be held?

A) No.

4 Are the financials for the Body Corporate based as 1/7 to 30/6 financial year?

A) No depends on the date when the Body Corporate was formed.

5 When (as an owner of a unit) will I receive a copy of the Body Corporate financials? With notification of the AGM?

A) Depends on the above situation.

6 Is is usual for a unit owner to also be the Body Corporate Manager in such a small group of units?

A) See first response.

If you wish us to have a look at the Body Corporate Bylaws or BC Management Agreement would be happy to do so.

 

[kezza1612]

Hi Everybody and thank you all so vey much for your informative responses.

Richard, thank you for your offer. I had received some advice that a body corporate was not essential for a block of 4 units however have confirmation that the units have been registered under the CTS scheme. I will now wait for notification of the AGM and see how things go.

 

[skater]

. I had received some advice that a body corporate was not essential for a block of 4 units however have confirmation that the units have been registered under the CTS scheme.

I would be interested to know if it is really necessary for a block of 4 to have a Body Corporate. I own a block of 4, they are strata'd, but there is no Body Corporate. If we plan to sell at any time is a Body Corporate necessary?