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A body corporate is a legal entity created when land is subdivided and registered to establish a community titles scheme. The scheme can be a duplex, a residential unit block, a high rise accommodation complex, a shopping complex, or a residential suburb, or a business park. You are a member of the body corporate if you live in a community titles scheme .
Several lots are created according to a report from Community Management (CMS). The CMS describes the plan, the number of lots, entitlements for each of the lots, the By-Laws of the particlar scheme, the Statute of any exclusive use assigned to a lot and any other information.
Each community titles scheme has a body corporate, comprising at least two lots and has a portion of common property.
Are there different types of Body Coprorate? yes, most Community Title scheme are simple and 'Basic', but some can be part of a 'layered' scheme with a main body company at the top, and one or more below. Most often these arrangements have been established more complicated because they are 'mixed use' within the building or community, that is the subject of the provision, for example a building comprising a hotel or a residential component strata apartments, and maybe some retail stores.
