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What is a body corporate?

A body corporate is a special type of company set up to manage the common property in a complex for a set of units. There is a community management statement which outlines how the body corporate is to be managed. Each unit owner pays fees to the body corporate for the ongoing maintenance of the complex.

From the body corporate fees paid by the unit holders, the body corporate must maintain, manage and control the common property, while also establishing rules and maintaining building and public liability insurance for the common property. The common property will usually include driveways and often the building containing the units.

The unit holders are also required to pay yearly fees into a sinking fund. These fees are retained by the body corporate management committee to fund large cost maintenance and capital works when needed.

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