Many unit title owners are unaware that the Unit Titles Act places significant compliance obligations on the body corporate, as well as the owners of each unit. Regardless of whether there are 20 units or two, the obligations are the same. These obligations include: • Having body corporate rules • Retaining written records of the body corporate decisions • Establishing and updating a long-term maintenance plan, & • Having separate and identifiable operating expenses and long-term maintenance accounts.
For more information on unit titles and the way body corporates work, check out the link below.
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