What is an Owners Corporation?
An Owners Corporation (formerly Body Corporate) manages the common property of a residential, commercial, retail, industrial or mixed-use property development.
What are the 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 Corporation certificates when requested;
- Keep an Owners Corporation register;
- Establish a grievance procedure;
- 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; and
- Ensure compliance with Owners Corporations Act 2006, the Owners Corporations Regulations 2007 and Owners Corporation Rules.
What is the OC Manager's role
Generally speaking, your apartment block will have a professional strata manager. If not, then it's a self-managed block, which means one (or all) of the owners have agreed do the management themselves.
Whether you have a professional manager, or decide to self-manage your Owners Corporation, the manager's functions must be carried out in accordance with the Owners Corporations Act 2006.
What many people don't realise is that an Owners Corporation has numerous legal obligations. This is to protect the investment of the owners and prevent situations such under-insurance and poor building maintenance.