Body corp need?
Question from Colin updated on 30th May 2018:
We are the sole owner of four rented, separately titled, commercial units within the one building. Do we need a Body Corporate and if so, why?
Our expert Bernard Parker responded:
The purpose of a Body Corporate is to take care of the issues that relate to the whole complex and to apportion costs of rates, maintenance, etc to the respective owners of the individual units. By my reasoning you currently have a Body Corporate wherein you represent yourself as the owners of all units. A formal Body Corporate structure would become necessary if you were to sell one or more of the units within the complex. That way the true costs can be apportioned among the various owners.Bernard is principal of Quinovic – Kapiti-Mana. Quinovic's outstanding people and systems provide the most professional, effective and reliable residential property management service in the NZ market for over 30 years.