The term ‘A Body Corporate’ is of legal nature and substance which was made when land is subdivided and enlisted under the Unit Title Act 1994 in order to build up a plot of a network. The Body Corporate helps to oversee, control and keeps up the underlying land in the network titles conspire.
The plan can either be duplexed, a commercial property, a skyscraper settlement mind boggling, a shopping intricate or a business park. The stakeholder of each of the property is of a great deal in a network title conspire is consequently an individual from the Body Corporate.
Any damage to the commercial space or a shared commercial space often leads to a question about the payment. This is why the Unit tiles Act was evolved. The section 80 of this Act describes the obligations of the stakeholder or the owner of the company or property, whereas the section 138 tells about the corporate body work. Nonetheless, the corporate body work speaks about the repair, work and the authorization of the property, especially when it comes to commercial space. Under the section 126, the owner is responsible for paying for all of the expenses that are done in order to repair or do any sort of work for the benefit of any commercial unit or units. One should note that first, the body corporate is responsible for paying for the expenses and then, he can ask for the money.
Furthermore, under section 138, the body corporate is responsible for the maintenance of common property shared by other users. This may include all of those commercial space, shared office spaces, commercial buildings for lease, shared commercial space and much more. Here, the body corporate has the responsibility to maintain the infrastructure of such shared commercial spaces. He also can solve the building issues which are comprised of one or multiple units within the private office space. In simpler words, one can say that the body corporate is responsible for assets for the benefit of all of the owners. He can also enforce rules and regulations acceptable in the eyes of laws along with taking out the insurance on behalf of the stakeholder or the owner of shared commercial space or any other industrial property. Moreover, he is also responsible for taking care of the assets along with its management and controls.