What is a Body Corporate?

A Body Corporate is a management committee for a set of units whether they be two or a thousand. Every unit has a Community Management Statement. The Community Management Statement is an agreement between each of the unit owners in the complex. It sets out the rules of the complex (by-laws), your share of the Body Corporate fees and what may be done in the future as far as building new units. A Body Corporate is like a company of which each unit owner is a shareholder and is entitled to vote. A Body Corporate manages the unit complex by paying for maintenance and capital improvements as they arise, as well as enforcing the Community Management Statement.