No two people or properties are the same. As such, your owners corporation is also unique, and State Owners Corp understands that there is no “one size fits all” answer. As community living rises in popularity in Australia, the benefits and responsibilities of contained lifestyles and affordable asset ownership are more apparent – as are the complexities.
With new options and spaces for multi-residential and mixed use residential and commercial developments, the need for legislation and regulations to control, direct and protect the interests of all involved becomes incredibly important. This is where your owners corporation comes in.
Formerly known as Body Corporate, an owners corporation is a separate legal entity from its members. Although it is like a company, an owners corporation does not require separate steps for creation or the lodgement of Annual Returns with the Australian Securities and Investments Commission.
An owners corporation maintains the common property for the benefit of all members and also provides services to the members. The owner of the Lot with the Plan of Subdivision automatically becomes a member of the owners corporation.
With many diverse opinions and needs, hiring an experienced owners corporation manager means you can cut through the complexities and enjoy the benefits of community living.
An Owners Corporation is automatically created when a plan of subdivision containing common property is registered at Land Victoria. Land Victoria registers and records Owners Corporation applications.
The plan of subdivision shows the parcels of land that can be sold separately. These are called ‘lots’. Lot owners are the members of the Owners Corporation for the subdivision. More than one Owners Corporation can be created in a subdivision of land or buildings.
Any member of the owners corporation can participate in decisions regarding repairs and other works by attending annual general meetings and offering to serve on the owners corporation committee. Most decisions require a majority of the members to be in favour of proposed works to be undertaken.
Common property exists for the benefit of all members. As such it is integral for your owners corporation to undertake the repair and maintenance of the common property to ensure it is maintained.
Further, your owners corporation is required to comply with any notice served by a statutory authority in regard to common property. For example – an order by the water authority to repair a leaking supply main.