How are body corporate percentages set, and where can I source the original contract for a Queensland property? – Geraldine, QLD
Q: How are body corporate percentages set, and where can I source the original contract for a Queensland property? – Geraldine, QLD
A: Body corporate percentages will vary from building to building and depend on aspects such as the age of the building, its size, and the facilities it has (e.g. elevators, pools, playground area, etc.). They are generally established at the initial setup of the body corporate and are listed in the Community Management Statement. They include a contribution entitlement and an interest entitlement. See our Queensland body corporate dictionary for terminology made easy.
Sales contracts do not form part of the body corporate records, you may be able to obtain a copy from another owner if they were an early purchaser.