A Body Corporate is the legal entity that automatically comes into existence at the time of the depositing of the necessary documents relating to a new Unit Title complex at the Land Registry Office following the completion of the construction of the Units. Each Body Corporate is comprised of all of its Unit Owners (known as "Proprietors").
The main functions of a Body Corporate are set out in the Unit Titles Act 1972 ("the Act") and these include requirements for the Body Corporate to insure all of the buildings in its name for full replacement value; to control, manage and administer the common property and keep it in a state of good repair and to do all things reasonably necessary for the enforcement of its Rules.
A Body Corporate is also required to issue certificates pursuant to Section 36 of the Act. These certificates are required to fulfill the obligations of sellers of Units under a standard Sale & Purchase Agreement for the sale of a Unit. They give details of the latest levies relating to the Unit being sold and they reveal whether or not there is any money owing to the Body Corporate by the selling Proprietor and whether or not the Body Corporate itself has had notice of any legal proceedings that have been issued or are pending against it.
An independently and professionally administered Body Corporate is essential in order to maximise the opportunities to maintain and enhance the value of the Units. In addition, on-site living will be more assured and pleasant for Unit Owner/Occupiers and there will be peace of mind for Proprietors who let their Units to Tenants.
Please contact us for further information.
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