Body Corporate
According to Ace Body Corporate Management, "the process of subdivision of a property for multi-unit development results in the need for a managing body to manage common ownership aspects of the property. On registration of a Community Titles Scheme, a "Body Corporate" - now referred to as an owners corporation - becomes incorporated. These bodies offer members more affordable property with reduced shared costs of property maintenance. If you are the owner of a unit in a property that has an owners corporation, you are a "member" of that owners corporation. When a lot is sold, the new owner becomes a member. The owners corporation is responsible for a range of compliance, financial, insurance and essential services matters."
In Victoria, the owners corporation manages areas of common interest within the the retirement village with the help of an elected body corporate committee. Legislation in Victoria states any subdivision containing 13 or more lots are required to elect an owners corporation committee at their annual general meeting. Those corporations with less than 13 lots are not obligated by law, but may choose to elect a committee if they opt to.
According to Consumer Affairs Victoria, a committee must be made up of at least three and no more than twelve members and elect both a chairperson and a secretary. Committee members must own a lot within the retirement village or have been elected a proxy for an owner and remain on the committee until a new committee is elected or they they decide to vacate their position on the committee.
The term "common areas" can sometimes be a contentious issue however, the original plan of the property subdivision will stipulate common areas from those considered to be personal and under the direct control of the resident. The core component of the body corporate budget is usually set aside to cover the insurance premium of all the buildings situated within the plan of subdivision, as well as public liability. Other areas expected to be covered by the budget include grounds caretaking and maintenance, repairs and replacement of things such as lighting in common areas and the fees of the village manager. The body corporate committee will also be expected to conduct regular meetings to discuss finances, rules and the management of disputes when they arise.
Grace Gardens is set adjacent to a lovely bushland reserve and within the gates of the village, we have complimented the local environment with the planting of indigenous flora. These areas are cared for and maintained under body corporate. Private gardens can also be maintained if the resident so desires. All external property maintenance such as cleaning and painting of exterior windows, doors, eaves and fences, the clearing out of gutters and general upkeep of all common areas is included. As we are a secure and gated community, the servicing and upkeep of the remote control gates and intercom, is the responsibility of the body corporate.
At Grace Gardens Retirement Village we try and keep our fees to a minimum and include the following items:
Body Corporate items
According to Ace Body Corporate Management, "the process of subdivision of a property for multi-unit development results in the need for a managing body to manage common ownership aspects of the property. On registration of a Community Titles Scheme, a "Body Corporate" - now referred to as an owners corporation - becomes incorporated. These bodies offer members more affordable property with reduced shared costs of property maintenance. If you are the owner of a unit in a property that has an owners corporation, you are a "member" of that owners corporation. When a lot is sold, the new owner becomes a member. The owners corporation is responsible for a range of compliance, financial, insurance and essential services matters."
In Victoria, the owners corporation manages areas of common interest within the the retirement village with the help of an elected body corporate committee. Legislation in Victoria states any subdivision containing 13 or more lots are required to elect an owners corporation committee at their annual general meeting. Those corporations with less than 13 lots are not obligated by law, but may choose to elect a committee if they opt to.
According to Consumer Affairs Victoria, a committee must be made up of at least three and no more than twelve members and elect both a chairperson and a secretary. Committee members must own a lot within the retirement village or have been elected a proxy for an owner and remain on the committee until a new committee is elected or they they decide to vacate their position on the committee.
The term "common areas" can sometimes be a contentious issue however, the original plan of the property subdivision will stipulate common areas from those considered to be personal and under the direct control of the resident. The core component of the body corporate budget is usually set aside to cover the insurance premium of all the buildings situated within the plan of subdivision, as well as public liability. Other areas expected to be covered by the budget include grounds caretaking and maintenance, repairs and replacement of things such as lighting in common areas and the fees of the village manager. The body corporate committee will also be expected to conduct regular meetings to discuss finances, rules and the management of disputes when they arise.
Grace Gardens is set adjacent to a lovely bushland reserve and within the gates of the village, we have complimented the local environment with the planting of indigenous flora. These areas are cared for and maintained under body corporate. Private gardens can also be maintained if the resident so desires. All external property maintenance such as cleaning and painting of exterior windows, doors, eaves and fences, the clearing out of gutters and general upkeep of all common areas is included. As we are a secure and gated community, the servicing and upkeep of the remote control gates and intercom, is the responsibility of the body corporate.
At Grace Gardens Retirement Village we try and keep our fees to a minimum and include the following items:
Body Corporate items