Good day,
I currently have a very limited understanding of Body Corp as this is a fundamental part of obtaining PPOR and IP’s I have a few questions in regards to Body corp and being part of a Committee.
-Am I legally aloud to get documentation relating to (in this case) unit block, including floorplans, engineering reports etc.
– with audits conducted on the process, in this case (my first property) can I ask for specific information because in my scenario it seems strange the amounts of money going into certain avenues and since I have the ability to be on committee I would like to make sure its reasonable.
– are there any parts of the Money that I pay that go into the funds that I can use to my advantage such as (utilities) or such.
– My building has 2 pools and a gym, the gym has been poorly fitted am I able to get funding (if approved) then use that to redesign and upgrade such, if so what legal issues could arrise if someone was to hurt themselves, will the public liability cover such?
Thank you for your time and I hope these questions are simple and straight forward enough.
Kind regards
Jaxon Avery
Jaxon | Jaxon Avery – Financial Adviser
http://www.jpafinancialservices.com.au
Email Me | Phone MeJPA Financial Services Pty Ltd
Jason I’m no specialist. I’d be emailing those questions to your body corp. They’re paid by your they can answer you. I do think you’re likely to be disappointed by your answers though, particularly utilities and gym. Contact them, turn up to their annual meetings, you may be the only person at the meeting. It’s good to go because you’ll learn a lot and can raise your concerns. Generally they are a bit like the government, difficult to change things but if you never say anything nothing will.
Sorry jaxon autocorrect
Thank you for your input, Much appreciated I will do such. cheers
Jaxon | Jaxon Avery – Financial Adviser
http://www.jpafinancialservices.com.au
Email Me | Phone MeJPA Financial Services Pty Ltd
bump
Jaxon | Jaxon Avery – Financial Adviser
http://www.jpafinancialservices.com.au
Email Me | Phone MeJPA Financial Services Pty Ltd
Jaxon
Ok here goes:
1) I am assuming you legally own the property know and that the Register of Ownership reflects this. If this is the case then there is nothing to stop you asking the Body Corporate for a copy of such documents but they will be entitled to charge you for such copies in accordance with the Body Corporate agreement.
2) In relation to the Audit there is no legal requirement for the BC records to be audited each year (This may vary from State to State) however there is noting to stop you as an owner proposing it at the next BC meeting. Of course as a Special Resolution it would require to be voted on and would depend on the other unit owners.
If the vote was successful then there is nothing to stop you requesting the Auditor look at certain areas of expenditure.
3) In regards to your Contributions then YES the Adminstration Fund will cover the Common Lighting in the building. Personal Utilities such as internal heating, lighting etc will not be covered.
4) Again any changes to the Common areas would require a Resolution at the AGM or a Special AGM could be called. It would require the consent of the majority of the other members. It will also depend on the amount of money held in the Sinking Fund as to whether structural alternations and improvements could be funded.
A call to the Insurance Broker looking after building should be answer your PI liability concerns.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Really appreciate the Information Richard, I do own the property and also have elected to be part of the committee. I have previously asked for certain documentation and was given excuses but will try again and press harder. I understand completely everything has to get approved by votes etc and thank you for your input as it has been very useful.
Kindest regards
Jaxon Avery
Jaxon | Jaxon Avery – Financial Adviser
http://www.jpafinancialservices.com.au
Email Me | Phone MeJPA Financial Services Pty Ltd
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