While more and more first-home buyers are looking to the unit and townhouse market as a way of getting their foot in the door of property ownership, many do not fully understand what is means to own a home within a community titles scheme.

A community titles scheme may include any duplex, residential unit block, high-rise accommodation complex, shopping complex or business park, and comprises individually owned lots or units as well as common property.

The REIQ is working in conjunction with the Department of Tourism, Fair Trading and Wine Industry Development to better explain the ins and outs of community living in Queensland.

If you buy a unit or townhouse in Queensland, you will have certain rights and responsibilities for your own property as well as the common property.

The body corporate for a community titles scheme is composed of all the owners in the scheme. Every new owner automatically becomes a member of the body corporate.

The Body Corporate and Community Management Act 1997 is the Queensland legislation regulating these bodies.

The legislation sets out the rights and responsibilities of certain people associated with bodies corporate, particularly lot owners and tenants.

In the Department of Tourism, Fair Trading and Wine Industry Development’s publication, Body Corporate: A Quick Guide to Community Living in Queensland, the decisions of the body corporate on shared responsibility matters are discussed.

These can include:

• Maintenance and management of common property, including equipment and services;

• Determining levies (financial contributions) which owners must pay to fund its operation;

• Public risk insurance;

• Any compulsory building insurance; and

• Establishing and enforcing by-laws (rules) relating to the management and control of lots and the common property.

Also, if you’re thinking about buying a unit or townhouse in a community titles scheme, you should investigate whether there are any outstanding fees and charges owing, because as the new owner you will be required to pay these.

When buying, selling, renting or investing in residential and commercial real estate, look for the 2007 REIQ accredited agency logo as a sign of an agency dedicated to the highest standards of business practice.

For a list of REIQ accredited agencies in your local area visit www.reiq.com.au or phone (07) 3249 7347.