An Owners Corporation (formerly body corporate) manages the common property of a residential, commercial, retail, industrial or mixed-use property development. The common property is defined as any property not on title to any one particular owner include stairs, paths, elevators, lobbies, driveways, pools, common garden areas and other facilities set up for use by owners and occupiers.
An Owners Corporation may be created in any subdivision, residential, retail, commercial, industrial or mixed use. More than one Owners Corporation can be created in a subdivision of land or buildings.
If you own a property affected by an Owners Corporation then you become a member of that Owners Corporation automatically. As a member, you have legal and financial responsibilities to the Owners Corporation.
An Owners Corporation must:
It must also:
Act 2006, the Owners Corporations Regulations and rules.
The Owners Corporations Act 2006 and the Owners Corporations Regulations 2007 regulate Owners Corporations in Victoria.
An Owners Corporation manager is a specialist that deals in the running of an Owners Corporation. Many Owners Corporations use professional managers to assist with finances, insurance, administration, meetings and maintenance functions. Larger Owners Corporations usually engage paid professional managers because complex legal, technical and people skills are required to manage the property.
An Owners Corporation may appoint a manager to carry out any powers or functions it is able to delegate at a general meeting. The Owners Corporation usually delegates powers to a manager in a contract or instrument of delegation. This enables the manager to make decisions on behalf of the Owners Corporation.
Duties include but are not limited to:
The Owners Corporation operates at four levels:
The Owners Corporation (all the lot owners):
The committee:
A delegate:
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An Owners Corporation (formerly body corporate) manages the common property of a residential, commercial, retail, industrial or mixed-use property development. The common property is defined as any property not on title to any one particular owner include stairs, paths, elevators, lobbies, driveways, pools, common garden areas and other facilities set up for use by owners and occupiers.
An Owners Corporation may be created in any subdivision, residential, retail, commercial, industrial or mixed use. More than one Owners Corporation can be created in a subdivision of land or buildings.
If you own property affected by an Owners Corporation then you become a member of that Owners Corporation automatically. As a member, you have legal and financial responsibilities to the Owners Corporation.
An Owners Corporation must:
It must also:
Act 2006, the Owners Corporations Regulations and rules.
The Owners Corporations Act 2006 and the Owners Corporations Regulations 2007 regulate Owners Corporations in Victoria.
An Owners Corporation manager is a specialist that deals in the running of an Owners Corporation. Many Owners Corporations use professional managers to assist with finances, insurance, administration, meetings and maintenance functions. Larger Owners Corporations usually engage paid professional managers because complex legal, technical and people skills are required to manage the property.
An Owners Corporation may appoint a manager to carry out any powers or functions it is able to delegate at a general meeting. The Owners Corporation usually delegates powers to a manager in a contract or instrument of delegation. This enables the manager to make decisions on behalf of the Owners Corporation.
Duties include but are not limited to:
The Owners Corporation operates at four levels:
The Owners Corporation (all the lot owners):
The committee:
A delegate:
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