There is no such thing as an "inactive" Body Corporate!

Some Body Corporate Members refer to their body corporate as being "inactive". While this term is in common use, what does it really mean? When a person buys a unit within a strata titled property, they become a member of the body corporate automatically by virtue of their ownership of the unit. Members of Body Corporates have certain obligations under the Strata Titles Act of 1998. These obligations include but are not limited to the following: Holding an Annual General Meeting at least once every 15 months, arranging a building insurance policy for all improvements on the site as well as public liability cover, keeping records of meetings, enforcing by-laws and ensuring that sufficient funds are available to meet the body corporates financial obligations.

Some Body Corporate members choose to insure their own unit individually and think that this exempts them from the requirements under the Strata Titles Act. It does not. Body Corporate members who do not comply with their obligations under the act potentially leave themselves at risk of significant liability.

Body Corporates may choose to manage their own affairs, or appoint a professional strata managing agent. Whichever they choose, the act still needs to be complied with.
For further information, or an obligation free quote, contact Tas Strata & Property Group on (03) 62 231701.