Body Corporates, what you need to know when purchasing a house.

If you are purchasing a property in Australia that has a body corporate, there are a few things that you can expect.

First, a body corporate is a legal entity that is responsible for the management and administration of common property within a building or complex. This can include things like shared facilities, such as swimming pools, gyms, and common areas, as well as the maintenance and repair of the building itself. As an owner within a body corporate, you will be required to pay fees to cover the cost of maintaining and repairing the common property.

These fees, known as strata levies or body corporate levies, can vary depending on the size and type of the property, as well as the level of services and amenities provided. You will also be required to abide by the rules and by-laws set out by the body corporate, which are designed to ensure that all residents can live in harmony and that the property is well-maintained.

These rules can cover a wide range of issues, including noise levels, parking, and the use of common property. It is important to note that the body corporate is run by a committee made up of owners within the building, and you may be required to attend meetings or vote on important issues affecting the property.

Before purchasing a property with a body corporate, it is important to review the body corporate records and financial statements to ensure that the property is being managed effectively and that there are no outstanding issues or concerns. You may also wish to engage the services of a strata inspector or solicitor to provide advice and guidance on the purchase process.