“This Property is managed by a Community Titles Scheme”
A phrase you might hear or read when signing a contract to purchase your property. “What’s that?” you ask. A Community Titles Scheme, also known as a Body Corporate is a body that governs a property where there may be more than 1 residence on land such as flats, units, apartments and town houses.
The Body Corporate is comprised of the owners of the individual residences and is responsible for controlling, managing and repairing common amenities like car parks, swimming pools, gyms and elevators. The Body Corporate is also responsible for insurance over these areas.
It is important to know that when you purchase property that is managed by a Body Corporate there are often regulations that must be adhered to such as complying with covenants as set out by body corporate (fence height/type/ Colours of exterior walls/roofing/ windows) and additional ongoing costs payable to the Body Corporate for maintaining the common amenities.
During the conveyance our firm will undertake searches to ascertain if the sellers have any outstanding liabilities to the Body Corporate and if so at settlement we ensure that the outstanding amount is paid by the sellers, we will also notify the Body Corporate after settlement of the change in ownership of the property.