Body corporate fees in Darwin, also known as strata fees, are payments that must be made by property owners in multi-unit developments. The fees are used to manage and maintain shared areas and amenities provided in a strata-titled property. In this article, Tschirpig Conveyancing provides a breakdown of what’s included in these fees and how a property conveyancer in NT can help you navigate the various factors involved.
What’s Included in Body Corporate Fees?
Body Corporate Fees can be broken down into a few different types of funds. The Administration Fund is used for everything from routine maintenance of shared areas, cleaning, utilities and insurance. This includes upkeep of lifts, gardens and swimming pools. The Sinking Fund or Capital Works Fund is for major repairs and refurbishments that happen every few years. This includes long term maintenance, painting, and replacing infrastructure. Insurance is a separate cost that protects the building against specific risks and covers public liability.
It is important to keep in mind that special levies can be raised for unforeseen expenses. Contact a Northern Territory conveyancing expert to clarify the details of a body corporate agreement.
What are the Factors that Determine Body Corporate Fees?
Body corporate fee calculations in the Northern Territory are calculated based on the following:
- The size and amenities offered. Properties with facilities such as pools, gardens and gyms are likely to have higher fees.
- The number of units in the property will directly impact how much each property owner is obligated to pay
- Keep in mind that buildings that are older may require more maintenance, which may impact fees
Contact our team of territory conveyancing experts for legal advice today!
How can a Territory Conveyancing Expert Help?
Here are the benefits of working with a team of Northern Territory conveyancing professionals.
- A property conveyancer in NT can review the contract of sale and ensure transparency
- Carry out detailed searches to determine fee schedules, review financial records and check insurance policies
- Northern Territory conveyancing professionals are in the best position to explain fee structures, special levies and other obligations
Territory Conveyancing Professionals in Darwin
Whether you’re a property owner or seller, having a complete understanding of Body Corporate Fees and obligations is important before making any decisions about your property. Contact Tschirpig Conveyancing for friendly, professional and personalised services.
