When you buy a unit or apartment in Queensland you are purchasing a lot on a property that has a managing group named the Body Corporate. This is called buying into a ‘Community Titles Scheme’ (CTS).
It is essential if you buy property that is part of a CTS that you are aware of the following:
If you are considering buying a new apartment or unit in Brisbane and Queensland contact River City Conveyancing today for a fair fixed price conveyancing quote. Our trusted conveyancing team will ensure that you are informed of all your Body Corporate obligations and that your purchase of a lot goes through easily without any surprises.
“A community titles scheme is scheme land and the single community management statement identified with the Registrar of Titles identifying that scheme land.
A community titles scheme comprises:
When you own a lot in a CTS there are obligations that are different to owning land or a house. Once the title of the lot is transferred into your ownership you are unable to choose to leave the Body Corporate and you must meet the obligations and responsibilities set out by the Community Management Statement.
The Community Management Statement is a document unique to each CTS that defines relevant by-laws, lot entitlement schedules, any proposed development of your lot and which regulation module applies to the scheme.
The Body Corporate is responsible for a number of roles that usually include:
The BCCM Act is a legislation that oversees as well as determines the rights and obligations of most of the body corporates in Queensland.
There are a number of ‘regulation modules’ which act in addition to the BCCM Act to cover the many different types of Community Title Schemes. As an owner of a lot in a CTS it is very important to find out which module applies.
River City Conveyancing will conduct a number of searches on your behalf during your conveyance.
These can include:
A Body Corporate Records Search/ Body Corporate Search
The search will let you know all the information regarding the Body Corporate rules relating to
A Body Corporate Information Statement / Form 13
The survey plan of a CTS is a map that defines the boundaries between lots and what is considered the common property or (shared parts of the property.)
There are generally 2 types of survey plans; a building format plan or a standard format plan.
River City Conveyancing will help you understand what type of plan applies to your lot as it is essential to know which areas are common property and who is responsible for their maintenance. In addition to this we can ensure that you know if there are any costs for general upkeep and maintenance of your lot and the shared common property.
Body Corporate Levies are regular fees paid by owners that contribute to the running costs of the CTS and are likely to increase each year or incur interest if left unpaid.
If there are any unpaid levies by the previous owner of the lot you may need to pay them. Your River City Conveyancing paralegal will make sure you know what you will need to pay once you become the new owner.
If you buy a new apartment or unit that is part of a CTS there may be different duties and responsibilities that you must meet.
These can include:
By-laws are any extra set of rules that the owners must follow and is unique to each scheme. These rules also regulate any occupiers and guests within each lot and on the common property.
River City Conveyancing will help you understand what you can and can’t do as an owner and what you will need to ask permission for. By-laws also detail many issues including to noise in common areas, pets and parking.