How OCs and BCs might be part of your life – Property Insider Secrets Ep 24

What are Owners Corporations and Body Corporates?


If you are going to buy or lease a property with a common area, it’s very important that you know what you are getting into before you sign a contract.

In Episode 16 of Real Estate Matters, Toni talked about the various apartment titles and the attributes of each. In this episode, Toni dives deeper into the responsibilities and costs that come with OC’s, (Owners Corporations) and BC’s, (Body Corporates) and the questions you need to ask before making a decision on a property that comes with common areas and other shared expenses.Topics Covered: OC’s and BC’s
OC = Owners Corporation
BC = Body Corporate

Why OC’s and BC’s exist
Maintain common areas
Pay for shared utilities

Why your yearly dues may not be the same as your neighbours

The importance of closely examining annual meeting minutes

Long-term maintenance plans
For larger buildings that will have expensive repairs/upgrades

Why you should always attend the annual meeting

Factors that influence the yearly fees

  • Size/height of the building
  • Additional amenities (Pool, elevator, garden etc.)

Ask the questions and make sure you understand what you are buying before you sign a contract.

  • Don’t worry about sounding foolish

Tips for buying your first apartment

  • Ask for help from someone that has done it before
  • Be suspicious
  • Ask lots of questions

Resources:

Victoria:

consumer.vic.gov.au/housing-and-accommodation/owners-corporations

NSW:

fairtrading.nsw.gov.au/ftw/Tenants_and_home_owners/Strata_schemes/The_owners_corporation/Starting_the_owners_corporation.

Queensland:

qld.gov.au/law/housing-and-neighbours/body-corporate/

 South Australia:

agd.sa.gov.au/initiatives/community-and-strata-titles-legislation

Tasmania:

dpipwe.tas.gov.au/land-tasmania/land-titles-office/strata-title-information-and-faqs/body-corporate

dpipwe.tas.gov.au/Documents/Body-Corp-BROCHURE.pdf

 Western Australia:

dpc.wa.gov.au/lantu/RepresentativeBodies/Pages/PrescribedBodiesCorporate.aspx

Northern Territory:

nt.gov.au/property/homeowners-and-landlords/dealing-with-a-body-corporate

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