Feeling overwhelmed by Body Corporate terminology? You're not alone.

We recognise that the legislation, language and processes involved in Body Corporate matters can be confusing, especially for new lot owners or Committee Members unfamiliar with the legislation.

Here’s a sample of some of the key terms:

Administrative Fund

The Administrative Fund is used to pay for any day-to-day Body Corporate expenditure.

Community Management Statement (CMS)

Each Body Corporate will have a CMS which will include the entitlements for each lot within schedule A and the Body Corporate by-laws specific to your scheme. The CMS will also detail any exclusive use areas within Schedule E.

Sinking Fund

The Sinking Fund is used to pay for any Body Corporate expenditure of a capital nature.

Voting Outside the Committee Meeting Letter (VOC)

A VOC is used when the Committee are unable to hold a physical meeting. VOCs allow the Body Corporate to make decisions by voting on a motion distributed to each Committee Member via email or post. Keep in mind:

• 7 days’ notice is normally provided to the Committee.
• Owners must be advised of the motion being considered at the same time as the Committee. However, the owners are not requested to vote.
• A VOC was previously known as a Flying Minute.

CLICK HERE to see the full Body Corporate Terminology Guide or get in touch with our team for more guidance.