Is your property development company finishing the construction of multi-unit buildings on a single property? If so, one of the things you will need to do before you can start marketing those units to potential buyers is establish a body corporate. At Matthews Real Estate, our strata title managers in Yeronga can help you handle the process of setting up a body corporate for your future buyers.
What Is a Body Corporate?
A body corporate is the legal entity that owns the common areas in a strata property, such as a multi-unit apartment building or a townhouse development. Common areas such as hallways, sidewalks or parks are shared by lot or unit owners in these developments, and the body corporate is responsible for managing and maintaining those common areas in a manner reflecting the interests of the property owners.
Any property development that is going to have common areas needs to have a body corporate. These communally shared spaces need to have a legal entity that technically ‘owns’ them, and the body corporate is that entity. From the moment you subdivide your land or development in such a way as to includes common areas, your body corporate becomes a legal entity.
As the property developer, you initially own all the lots and units in the development. This fact makes you the one and only member of the body corporate, at least to start. As such, you are responsible for cleaning, maintaining and otherwise managing the common spaces in and around your development. Sitting down with body corporate managers in Yeronga can help you understand your responsibilities on this front, as well as carry out their administration.
Eventually, most property developers eventually hand over the reins of body corporate management to the owners or tenants of their properties. Despite this fact, you will likely need to make many decisions about your body corporate when your business is still the only member. Preparing a budget, setting up contracts for maintenance and cleaning, getting insurance coverage for body corporate holdings and keeping records for the body corporate are all responsibilities that fall on your shoulders.
Hiring a business that specialises in body corporate management services in Yeronga can help make this process more manageable—especially for first-time developers. At Matthews Real Estate, we can provide advice on strata title management in Yeronga, giving you the help and expertise that you need to establish and run a successful body corporate—at least until you hand over the responsibilities to your buyers or tenants.
Are you interested in learning more about our body corporate management services in Yeronga? Setting up a body corporate can be complicated and frustrating, especially if you are a first-time strata property developer. We can help ease the transition and prepare your property for a proper community setup. To learn more about what we do, give us a call on 07 3848 0655.