Body Corporates are now regulated under legislation known as the Owners Corporations Act 2006 which came into effect on December 2007.
Owner Corporations manage items such as the building and common property in a multistorey complex or stratum title units, and issue Certificates that contain information relating to any fees and charges that pertain to the Owners Corporation.
It is necessary to ascertain information in relation to the Owners Corporation as such corporations may prohibit certain individuals wants and needs such as keeping of pets, appearance of units exterior, and any internal renovations just to name a few.
Therefore, as it may be said, to ensure you have peace of mind, you should discuss with the Owner Corporations secretary or manager what items are ruled and regulated, what are the fees and charges associated with the owners corporation, how it operates, insurance policies, and any other matters that may be of a concern with the ownership of a multi-storey complex or stratum title unit.