Body corporate Specialists
A body corporate consists of the unit owners that are part of a unit title development. The Unit Titles Act of 2010 (further amended in 2013) provides protections for unit owners. Every owner automatically becomes part of the body corporate.
As each owner has an inherent interest in how the whole development is looked after the Act makes it clear that the body corporate is responsible for managing finance and administration relating to the complete complex.
The body corporate is a legally defined entity and must comply with the statutes of the Unit Titles Act 2010.
Negotiating the Act and ensuring that your body corporate is administered effectively can be a little daunting, however Frost Property Management specialises in Body Corporate management and is able to help you whether you are in the process of setting up a body corporate or you are in an existing body corporate and wish to change managers.
- A body corporate must complete the following tasks:
- Hold an Annual General Meeting (AGM)
- Elect a Chairperson and committee
- Ensure operational rules are complied with
- Manage the valuation of property and subsequent insurance
- Provide disclosure statements when required
- Levy owners to finance the body corporate’s operations
- Create and execute a long term maintenance plan
- Keep and maintain a register of all owners
- Keep accurate financial records
Frost Property Management your body corporate manager. By engaging FPM to manage your body corporate you know you will be in good hands. FPM provides the assistance a body corporate requires to ensure that your property is well looked after for the benefit of all owners. We will provide services in administration, financials, and maintenance.
administration
- Develop operational rules for your development (if required) and then ensure these are clearly communicated to all owners. We will work with everyone to ensure that the rules are complied with.
- Maintain a high level of transparent communication with the owners – you will always know what is going on.
- Convene Annual General Meetings as required by the Act and distribute minutes in a timely fashion.
- Work closely with the body corporate chair and committee to ensure throughout the yearly cycle the property is looked after.
- Facilitate any dispute resolution where needed.
- Coordinate valuations and engaging of insurers for the property. We always look to regularly remarket the insurance to ensure we are not only getting good value for the premium, but also that the policy will respond appropriately to any claim.
- Pay insurance premiums and lodge any claims.
- Manage the claims process, working with loss adjustors and insurers.
- Prepare disclosure statements as required.
- Administer all building Warrant of Fitness documentation where required.
financials
- Set up independent bank accounts for the body corporate, including a maintenance fund account.
- Administer the raising and collection of levies.
- Pay outgoing expenses on behalf of the body corporate.
- Prepare an annual budget.
- Report on financial performance of the body corporate.
maintenance
- Respond to maintenance issues as they arise. FPM will regularly check properties to ensure a proactive approach to maintenance.
- Coordinate any maintenance work with our approved contractors.
- Ensure contractors are compliant with Health and Safety regulations.
- Negotiate and manage service contracts where required.
- Arrange Long Term Maintenance plans to be developed for owners.