More and more Queenslanders are choosing to live in apartments or within Community Title Schemes, however, if you’ve never lived in a Body Corporate before there are a few important things you should consider before you decide that community living is for you.
By Rockwell Land (Own work) [CC BY-SA 4.0]
Firstly, there’s the Body Corporate, more formally called a Community Title Scheme under the Body Corporate and Community Management Act 1997. A Body Corporate is a separate legal entity – like a company – and, it can enter into contracts, it can have bank accounts, and it can sue and be sued. The main role of the Body Corporate is to own the land and fixtures that make up the apartment complex, or the common or community property within gated communities. Because Body Corporates can have legal relationships they can have legal liabilities, which is why it’s important when considering buying into a Body Corporate to considerThis content is ready.legal Subscribers only. Join today! It's free and quick.
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