Body Corporate for a duplex, is there a difference?
What is a body corporate?
A body corporate is operated by way of a committee that is responsible for the day to day running of the body corporate. Body corporate fees do not include expenses such as local government rates, contents insurance or repairs to general wear and tear inside each owner’s unit.
What is the difference?
The body corporate for a duplex is made up of the two lot owners that share expenses such as the insurance and the general up keep of the common property when required. The lot owners are required to keep records of the body corporate by way of lot owner agreements that detail decisions that have been made by the lot owners such as expenses and insurance.
Unlike body corporate fees for a complex, owners of a duplex enjoy lower body corporate fees as it will be generally agreed between the owners that the body corporate insurance will be the sole expense with the exception of common property maintenance that each lot owner will be required to contribute to equally or as agreed by way of a lot owner agreement.
Body corporate fees for a complex will generally cover payment for body corporate insurance premiums, body corporate manager’s engagement fees, maintenance, repairs and the day to day running of the body corporate.