Learn the Lingo -

Published: 30 August 2006.

Like all industries, management rights has its own language.

If you are going to have a look at management rights, then it is better to learn that language sooner rather than later. It's not that hard"

Community Title
The name given to freehold property that is subdivided into separate titles or lots (eg units or townhouses) and common property.

Lots
This is the individual title of the owner; their unit or townhouse.

Common Property
All the property in a development that is shared by all the owners, eg foyers, hallways, swimming pools, gardens, tennis courts.

By Laws
These are the rules of the body corporate. They relate to the use of the lots and common property. They define what the body corporate can and can't do. The by laws apply to everyone entering the complex: owners, tenants and guests alike.

Body Corporate
The body corporate is a separate legal entity created to control the common property. All the owners are members of the body corporate.

A body corporate is like a company. It has an elected board of directors called the Committee. It has a company secretary/treasurer called the body corporate manager. It holds an Annual General Meeting.

Special meetings are called Extraordinary General Meetings. The people who attend these meetings are the owners who are like the shareholders of the company.

The Act
This means the Body Corporate & Community Management Act 1997, which is the legislation in Queensland that covers units and townhouses. NSW, VIC and NZ have Different Acts in place.

Modules
The modules are groups of regulations which give detail to the Act. Each module is a different set of rules, designed for a specific type of body corporate. Types of modules include the Standard, Accommodation, Commercial and Small Schemes modules.

Manager
Obviously the name given to the person with the management rights. But they are also called RAMs (resident accommodation managers) or RUMs (resident unit managers) or on site managers. The 1997 Act uses the terms "service contractor" and "letting agent".