SearchBody corp need?
Colin asks:
(updated on Wednesday, May 30th 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 Experts Answer:
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.
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