Body Corporate Information
For residents who may not have been involved in a Body Corporate managed building before here is a brief summary of the structure, parties involved and their responsibilities.
Role of the body corporate
The role of a body corporate in Queensland is to administer common property and body corporate assets for the benefit of all of the owners, and to undertake functions required under body corporate legislation.
What is a body corporate?
A body corporate is a legal entity which is created when land is subdivided and registered under the Land Title Act 1994 to establish a community titles scheme. All owners in a community titles scheme are automatically members of the body corporate when they buy their lot.
Community titles scheme
Community titles schemes allow you to privately own an area of land or part of a building, as well as share common property and facilities with other owners and occupiers.
Examples of a community titles could be a:
- residential unit block
- townhouse complex
- high rise accommodation building
- shopping complex
- business park.
Who is Involved in our Community Title Scheme?
In Lumira and Riverstone buildings there are three (3) separate groups involved to operate the Body Corporate responsibilities and manage the building. These are:
- The Body Corporate Committee
- The Body Corporate Manager
- The Resident Building Manager (Onsite Manager)
The Body Corporate Committee is usually formed from owners in the building who volunteer their time at Committee Meetings to make the decisions necessary for the Body Corporate to operate such as formulating a budget, authorising payment of invoices, approving insurances and determining the yearly levy charges.
Committee Meetings are usually held 3 times per year and only Committee members generally attend, however, owners can attend these meetings if proper notice is given to the Committee or Body Corporate Managers prior to the meeting.
Annual General Meetings (AGM) are held once a year and ALL owners are invited and encourage to attend as all financial information, contracts and insurance are approved at these meetings. If owners cannot attend it is still important to complete and return the Voting Papers so that the AGM can proceed.
The Body Corporate Managers are an external professional company appointed initially by the developer for a 1-3 year period to take care of the day-to-day financial responsibilities of the Body Corporate such as payment of invoices /contractors, issuing Levies, receipting funds from owners as well as issuing minutes and agendas of all meetings. The Body Corporate Managers organise and attend all meetings and take instruction from the Committee as needed.
The Body Corporate Managers are responsible for sending out the Agenda and Minutes of meetings to all owners as well as Levies and any other correspondence on behalf of the Committee.
The Resident Building Manager/Caretaker is responsible for general care and cleaning of the Common Areas of the building and takes instruction only from the Body Corporate Committee.
Caretaker/Managers can choose to live onsite or reside elsewhere depending upon their Caretaking Agreement. The Caretaking Agreement is the contract between the Manager and the Body Corporate which outlines duties and remuneration of the Manager as well as the responsibilities of both parties.
Resident Managers are not responsible for property issues within apartments and are only involved in warranty or building issues that relate to the common areas of the Buildings. Managers also cannot take instruction from an individual owner unless authorised & approved by the Body Corporate Committee to do so.
Apartment Issues: The Apartment Owner is responsible for any defects, repairs or replacements that occur inside their own apartments. These may be covered under the builders warranty or appliance warranty period and Owners are to make contact with the builder or suppliers as needed. The Resident Managers can assist in supplying contact information for these trades and suppliers.
Newstead Management Pty Ltd are your Caretakers for Lumira and Riverstone Apartments and have an office conveniently located on street level of the Riverstone building at 6-8 Masters Street Newstead.