An owners corporation is formed when a plan of sub division is registered that contains land denoted as common property. Any persons that buy property in an owners corporation become a member of the owners corporation, this is not an option. With that comes both financial and legal responsibilities to the owners corporation.
What is the Owners corporation for, what are they meant to be doing?
Consumer affairs list the below as the key responsibilities of an Owners corporation:
An owners corporation must:
- Manage and administer the 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 corporations certificates when requested
- Keep an owners corporation register
- Establish a grievance procedure.
It must also:
- Carry out any functions and duties under the Owners corporations Act 2006, the Owners corporations Regulations 2007, the owners corporation rules and any other law or regulation
- Ensure compliance with Owners corporations Act 2006, the Owners corporations Regulations and rules.
For comprehensive page of information regarding owners corporations and what they are for please visit the consumer affairs page below: