Quite simply, Owners Corporation manages all dealings of the common property of a residential, commercial, retail, industrial or mixed-use plan of subdivision.
When a plan of subdivision is registered with Land Victoria an Owners Corporation is created. The person that owns the Lot with the Plan of Subdivision becomes a member of the Owners Corporation.
Common property includes:
Obligations of Owners Corporation:
Manage and administer common property
Repair and maintain the common property, fixtures and services
Take out and maintain required insurance
Raise fees from the Lot owners to meet financial obligations
Prepare financial statements and keep financial records
Provide Owners Corporation certificates when requested
Keep an Owners Corporation register
Ensure compliance and carry out any functions and duties under the Owners Corporations Act 2006, the Owners Corporations Regulations 2007, Subdivision Act 1988 the Owners Corporation’s rules and any other law or regulation.