The Role of Owners Corporation

 



The Role of Owners Corporations

The Owners Corporation comprises those properties that are part of a residential housing project such as townhouses and apartments. The Owners Corporation is a common entity in the real estate scenario in Australia, as every property that is part of a subdivided estate would need the services of a formally constituted Owners Corporation.

What is the purpose of an Owners Corporation?

The main role of an Owners Corporation is to protect the subdivided land, designated as Common Property. This includes the area or gamut of facilities used by and beneficial to the homeowners. The Owners Corporation ensures that the property is well-maintained, regulated, and fully insured.

What is the role of an Owners Corporation Manager?

The Owners Corporation Manager is appointed to manage the company's property affairs for the benefit of the individual lot owners. However, the manager does not have any voting rights or decision-making powers within the corporation. The manager is appointed before the settlement of any property in the development.

How are strata managers important for Owners Corporation?

Strata managers are professionals solely responsible for the administration of the Owners Corporations. In some states, the strata manager is also known as the Owners Corporation manager, which means that these two terms are used interchangeably. Strata managers are specialists in their field and they follow the instructions issued by the owners committee. The strata managers also work to reach a consensus in decision making by the owners and also help the owners by assuming various responsibilities. For this reason, owners have turned to professional strata management companies like Civium for the successful and smooth running of the Owners Corporation.

What records does the Owners Corporation keep?

As per the provisions of the law, the management of the Owners Corporation must keep various records such as the full name and address of the member, minutes of the meeting, the books of account, and financial statements of the income, expenditure, assets, and liabilities. It must also keep records of all the repairs and maintenance carried out on the property on behalf of the owners.

Thus, Owners Corporation offers several benefits to the property owners.

 



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