The questions keep coming....

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What does the Body Corporate do?

 A body corporate is a legal entity created when land is subdivided and registered to establish a community titles scheme. The scheme can be a duplex, a residential unit block, a high rise accommodation complex, a shopping complex, or a residential suburb, or a business park. Every owner of a lot in a community titles scheme is automatically a member of the body corporate.

What is the Purpose of a Body Corporate?

A body corporate exists to manage the issues of necessary and mutual interest to all the owners. These matters fall into two categories:

1.         physical property issues; and

2.         issues related to people living together

Physical property includes gardens, common building structures and shared assets such as recreation clubs and tennis courts. When people live together issues include behaviour, noise and parking. Anything where the actions of one particular occupier may impact on other residents. Legislatively, bodies corporate perform only a limited purpose. They must:

• Administer the common property and the body corporate assets for the benefit of the owners of lots included in the scheme;
• Maintain common property to the extent it is in a structurally sound condition;
• Enforce the community management statement (including by-laws affecting the common property); and
• Carry out other functions given to the body corporate under legislation.

The body corporate is not legally able to do anything other than fulfil these mandatory responsibilities. In performing these duties, the body corporate can enter into contracts, employ staff and generally deal with property. Unlike a commercial company, it cannot conduct businesses, such as a letting agency, tour operation or restaurant. However, the body corporate may engage in any business activities necessary to properly carry out is functions (eg. investing funds).

How Does the Body Corporate Make Decisions?

Decisions are made by owners in two ways:

1.         At a meeting of all the owners (a general meeting); or

2.         At a meeting of the committee for the body corporate

No individual acting in isolation can make a decision.

How is a Body Corporate Financed?

Contributions (otherwise known as levies) are received from every lot owner of the body corporate and are pooled to maintain the community and common areas. The size and frequency of the contributions required to properly run the body corporate are decided by all owners at the annual general meeting.

There are two types of contributions set by the body corporate:

1.         The contributions to the administration fund; and

2.         The contributions to the sinking fund

Have a Say!

By being actively involved in the running of a body corporate, for instance joining the body corporate committee, lot owners can have a say in how a community allocates its funds and can assist in planning committee projects.

What will my Body Corporate fees per annum be?

The initial Body Corporate fees will be set prior to entry by any purchasers into their purchase agreement.  It is expected to be in the region of $ 1500 and will be reviewed annually after incorporation of the Body Corporate.

Can I sell my house to anyone at any time?

Yes.

Can I take a mortgage against a strata title?

Yes.

What is planned for the balance of the land?

Open spaces, agriculture and food production (including by way of Community Shared Agriculture)

Can I buy more than one property?

Yes.

I want an investment property. What return will I get? How does it work?

Some owners will want to rent out their property as much as possible; others will want to live in it permanently; whilst some might choose to visit for holidays etc. All options are acceptable.

For those wishing to invest in property, apart from any capital gains which may be realised over time, it is anticipated that owners will receive a net 70% of gross rental receipts from their unit. Parsons Bay Lodge P/L will manage the rental properties

What if I want my friends to come and stay?

Please!  Let them!  We'll give them a great deal:  whilst you can let them stay in your unit for as much or as little as you like, if they stay in any of the other units (so you can all  come together), they get 20% off the accommodation rental and food in the Village Hub Cafe!

What is the FIRB?

Foreign Investment Review Board, for those who do not have Australian citizenship. Investment property is allowed to be purchased.

Can I have pets?

No, sorry.

Can I change the pre approved building design?

Yes, in accordance with the Body Corporate Building Code.

Can I build a shed?

Yes, in line with the Body Corporate guide lines.

Can I rent my home myself?

Yes.

Where do I get my water from?

Rain water tank, if it runs out you could purchase water to be delivered to your tank. Either from the local supplier of from our bore by the creek.

Who is responsible for the upkeep of people's lots, particularly if they are away?

The Body Corporate. You will not have to look after the grounds at all, unless you would like to.

Can I supply my own solar power?

Yes.

Do I have to be a certain age to buy in?

No; you just need to be able to sign a contract (or have someone sign it for you).

What happens with the rubbish?

Recycling and refuse stations will be place in discrete positions.

Can I run my own business from home?

Subject to local Council (Tasman) approval, yes, all lots are zoned commercial so it is a permitted use.

Do I have to buy the food package?

No.  But we recommend it as the food will be delicious, home grown and nutritious!

Do I have to be physically involved in the garden?

No, your choice.

Can I just buy a block of land?

No, the allotments are very limited in numbers and we would like to create a community,

not just a sub division. That's why we offer "House land and food packages".

Can I store my boat?

Yes, public boat parking area will be available as well as private storage on your block, your choice.

Where can I put my tools?

In your own shed, or you could choose to use tools from the community ‘tool library'.

What services are going to be provided?

Telstra, sewerage, grey water recycling and power.

Can I try before I buy?

Most definitely, come and stay at Parsons Bay Retreat as our guest and get to know us, the facilities and the area. There will be a minimal charge to cover costs.