What does it mean?

What does it mean?

Body Corporate Terminology Explained

A Lot

A Lot is what you own as defined on your Title e.g. Apartment, Townhouse, Villa. That includes the space inside your boundary walls, ceiling and floor.

Common Property

Common Property is everything outside the boundary walls of all Lots. Common Property is owned collectively by all the Owners forming the Body Corporate.

Exclusive Use

Some areas of common property may be designated for the sole use and benefit of a specific Lot Owner e.g. a car park space may be designated for the exclusive use of a specific Lot Owner and the Residents of that Lot.

Which common property is exclusive use?

Common property allocated for exclusive use is defined in the survey drawings forming part of the TRG’s Community Management Statement.

By Laws

By Laws are rules by which the Body Corporate Committee maintains and regulates common property and neighbourly relations. By Laws are agreed by the Body Corporate, i.e. All Owners, and detailed in the Community Management Statement recorded with the Land Registry.

By Laws are legally enforceable.

Lot Entitlements

There are two types of Lot Entitlements – Contribution Schedule Lot Entitlements and Interest Schedule Lot Entitlements.

CONTRIBUTION schedule lot entitlements denote the amount of contribution toward the upkeep of the body corporate that each lot will be required to pay. 

INTEREST schedule lot entitlements set out the interest of each lot in the overall value of the scheme. Interest entitlements allow a Developer to set the value of the different Lots based on what the Developer has actually added to the Lot and the Lots’ locations e.g. larger Lots at higher floor levels attract higher Interest Lot Entitlements.

Levies

The Body Corporate Managers on behalf of The River Gallery Body Corporate issues each Owner with two Levies, one is a contribution to the operating costs (cleaning, maintenance of pool and gardens etc) while the other is a contribution to the replacement of the elements forming the building structures and system.

Contributions to operating costs is held in an Administrative Fund.

Contributions to structural replacements is held in a Sinking Fund.

The River Gallery Body Corporate issues these levies to Owners every four months