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Understanding Body Corporate Disclosure Statements
In Queensland, the law mandates that sellers of lots in community title schemes provide a disclosure statement to prospective buyers before entering into a contract.
If you live in an apartment building or strata-titled property, you’ve likely heard of a body corporate manager, also known as a strata manager.
This important role is essential in managing the daily operations of the body corporate. But what exactly does this role entail?
In this article, we’ll explore what body corporate managers do, what their responsibilities are, and how they are appointed.
A body corporate manager is a professional who is appointed by the committee of a body corporate to manage the scheme on behalf of owners. They work for the collective interest of owners and provide guidance for matters such as legal, compliance, insurance, and financials.
Body corporate managers are responsible for managing the day-to-day operations of a building or complex. They have a solid understanding of legislation and are usually backed by a team specialising in accounting, insurance, and administration.
Some of the specific duties of a body corporate manager include:
It’s important to note that while body corporate managers have a significant role in managing the accounting and administrative tasks of the body corporate, they do not make the decisions. Instead, they keep the scheme compliant in terms of legislation and insurance and refer decision making to the committee.
In addition, body corporate managers also play a crucial role in maintaining relationships between owners within a body corporate. They work as a point of contact for any queries or complaints that residents may have, and work to resolve any issues in a timely and efficient manner.
A body corporate manager is appointed by passing an ordinary resolution at a general meeting. The appointment must be made under a written agreement that sets out the following:
It’s essential to remember that the body corporate manager is not in charge of the body corporate. In most cases, it’s best to think of the body corporate manager as the secretary and accountant They act on behalf of the committee and work under the committee’s direction.
See our guide to changing strata managers.
In Queensland, the law mandates that sellers of lots in community title schemes provide a disclosure statement to prospective buyers before entering into a contract.
Understanding how your individual levy amount is calculated can help you appreciate where your money goes and ensure transparency in the management of your community. Here’s a breakdown of the aspects involved in calculating levy amounts.