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Sean Wheller
When is a Body Corporate Formed in a New Development?
Tuesday, 22 January 2008
The last confusion usually lies in the timing of when a Body Corporate is formed for a new development. The answer is quite simple, when the first, very first person takes ownership / transfer of a sectional title unit the Body Corporate is formed. This does not mean that the Developer that developed the scheme is no longer part of the Body Corporate. The Developer stops being a member only when the very last unit the developer still owns transfers to a purchaser. Only then developer ceases to be a member of the Body Corporate.
Read more at: Propert Investor Network

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