What Is an Owners Corporation in Victoria

Owners Corporation in Victoria

In Australia, properties that are co-owned or have multiple owners are called strata properties. Such properties have certain assets like services or property which no single owner has authority or responsibility for. Examples of such areas are a shared roof, common garden, corridors, and many others. 

Common areas within strata property are managed by an owners corporation in Victoria. People are likely to be members of an OC when they own an apartment, flat, or unit. They will not be able to opt out of becoming part of the owners' corporation – formerly known as body corporate. They are considered legally responsible for ensuring tasks like maintenance of the strata’s shared areas, common amenities, and infrastructure. 

Owners Corporation in Melbourne Responsibilities

An owners corporation must perform the following: 

  • Manage and oversee common areas or property
  • Ensure repairs and maintenance of common services, fixtures, and common property
  • Ensure that required insurance is taken and maintained
  • Raise dues or fees from owners of the lots to fulfill financial obligations
  • Maintain financial records and prepare documents such as financial statements
  • Furnish owners corporation certificate when it is requested
  • Maintain a register of members of the owners' corporation
  • Establish procedures for dealing with grievances

Also:

  • Perform any duties and functions which are described under the OCA or Owners Corporation Act, the Owners Corporation Regulations, and the rules of the owners' corporation itself

Owners Corporation Managers

There are times when the members of the owners' corporation may feel overwhelmed by all the things they are required to do. Here is where managers can help. It is especially true for preparing financial documents and major repair projects. 

Members may also not be well-versed with all the legislation and rules they are required to follow. Along with all the other duties they need to perform, things can become hectic and problematic. 

As there are multiple members of an owners' corporation in Melbourne, communication among them may not be easy, and there will be disagreements along the way. Having an experienced manager to handle the day-to-day functioning of the owners' corporation may be of great benefit to the OC in the long run.

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