Whether you’re buying an Apartment to live in, rent out or trade there are some considerations that are unique to this type of property. Apartments will have a Body Corporate with rules that need to be adhered to and the Unit Titles Act is the law governing buildings with multiple owners each holding a unit title on their apartment.
Tag Archives | Body Corporate
You’re in the market for an Apartment – aka a Unit and the good news is you have a few to compare. They all look very similar so what else can you consider? Thoroughly review the Body Corporate and in particular their building maintenance plans.
As 1 October 2012 approaches there is a big issue looming in addition to sorting out your rules. It’s the change in the maintenance regime. Not so much the compulsory requirement that a body corporate have a long term maintenance plan, which everyone seems to be on top of.
We have written previously about body corporate rules considered ultra vires by the Courts. Contracts entered into beyond the powers conferred by the body corporate rules will be void and unenforceable.