Does a unit title have to have a body corporate?

When you purchase a unit, you automatically become a member of the body corporate. All unit owners in a unit title property make up the body corporate, and they must hold an AGM at least once a year to discuss body corporate matters and vote on decisions affecting the complex.

What is the purpose of a body corporate under a unit title?

The body corporate is responsible for a range of management, financial and administrative functions relating to the common property and to the development as a whole. It has a number of key powers and duties such as: Owning and managing common property.

Who is considered to be the unit owner according to the unit Titles Act 2010?

In a unit title development, owners own a defined part of the building, such as an apartment or unit, and may also have shared ownership in common areas such as lifts, lobbies or driveways. Collectively, all the unit owners in a unit title development make up the body corporate.

What is unit title?

A unit title property means you own defined part of a building, such as an apartment, and share ownership in common areas – these are things like the lifts, lobbies or driveways.

Who runs a body corporate?

So who runs the Body Corporate? Each lot owner has a say in the management of the Body Corporate although, in practical terms, the administration of the body corporate is undertaken by an elected committee. Also, most bodies corporate engage a body corporate manager who is responsible for day to day management.

Are body corporates legal entities?

The body corporate is a legal entity, made up of all of its members.

Can a body corporate force an owner to sell?

For instance, the body corporate can force an owner of a unit to comply with its rules – by application of a High Court interdict if necessary.

What is the difference between cross lease and unit title?

A cross lease title is where there are several people who own a share in a lot of land. A unit title, is typically how apartments are owned. The owner owns a defined part of the building (eg. the apartment and parking area) and shares ownership of common areas such as the entrance, stairwell and garden.

How do body corporates work?

The Body Corporate insurance covers damage and consequential damage to the building itself and all fixtures within the units. The insurance is for reinstatement of buildings but does not cover normal wear and tear, but it does cover legal liability on the common property.

Are all units strata title?

What is strata title? When you purchase an apartment, townhouse or unit, you’ll generally be purchasing a part of a strata title. While you’re responsible for the upkeep of your own lot, your strata title means you and all the other lot owners are also responsible for the maintenance and upkeep of the common areas.

Is a body corporate a legal person?

Who is in charge of the Unit Titles Act?

These regulations are administered by the Ministry of Business, Innovation, and Employment. Pursuant to section 217 of the Unit Titles Act 2010, His Excellency the Governor-General, acting on the advice and with the consent of the Executive Council, makes the following regulations.

Who is the unit owner of a subsidiary body?

For the purposes of these regulations, a subsidiary body corporate is to be treated as the unit owner of the principal unit that was subdivided to create the subsidiary unit title development. Terms defined in the Act have the same meaning in these regulations as they have in the Act, unless the context otherwise requires.

Who are the members of the body corporate?

The body corporate is an entity made up of all the unit owners in a unit title development – if you are a unit owner, then you are a member of the body corporate.