Role of the Owners Corporation / Body Corporate
What is an Owners Corporation or Body Corporate when you live in strata? What does it do and how does it impact me as an owner-occupier or owner-investor of a strata building?
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When you purchase an apartment, or a ‘lot’, you automatically become part of the Owners Corporation for your building. It’s a name given to represent all your fellow owners.
This means you have the right to take part in the decision making and influence how your community functions.
To enable quicker and more precise decision making in all aspects of your community, every year, you can nominate yourself or vote for candidates to form the strata committee at the Annual General Meeting, who will in turn represent all owners.
The committee is responsible for all building finances, record keeping, maintenance of common property and much more.
As you can imagine, managing an Owners Corporation can be an overwhelming job, not to mention the need to keep up to date with legislative changes and market changes.
So in most cases, the committee will employ a specialist like Smarter Communities to carry out some, or all of these responsibilities on their behalf.