Frequently Asked Questions
Duties include but are not limited to:
- managing the financial accounts of the Owners Corporation;
- facilitating insurance matters - claims, renewals and Owner's queries;
- managing the correspondence with Owners, contractors, and other 3rd parties;
- formulating recommended budgets each financial year;
- convening the Annual General Meeting, and sending out related Notices, Nominations etc;
- chairing the AGM, and issuing the Minutes to all owners following the meeting;
- accepting new budgets adopted at the AGM, and issuing the new Levies;
- attending to the preparation and disemanation of Owners Corporation Certificates for Owners selling their Lot;
- attending to the convening of any Special General Meetings;
- preparing Postal Ballots to allow for decision making by all owners without the need to meet formally.
- managing Committee issues, including calling of Committee Meetings and issuing Minutes of those meetings;
- assisting any Owner to navigate on matters of Owners Corporationlaw and procedure and;
- managing any dispute and facilitating outcomes by way of resolution that may arise.
In general terms, the owners corporation should manage and administer
works on the common property areas and enforce, the related Rules and
Regulations, and By-Laws.
Accordingly, it is the duty of the owners corporation to ensure the areas and facilities it is responsible for are maintained in a serviceable state, undertaking all relative administration tasks, including obtaining comparative quotations for repair works and / or improvement works as necessary.
Maintenance of facilities extends also to the common area chattels, fixtures and fittings, ensuring attention is given to lifts, fire escapes, and all apparatus/equipment services for which an easement exists (eg. Service meters, such as gas, electricity, water etc.).
The insurance cover placed on the building is also the responsibility of the owners corporation, ensuring the appropriate policy is maintained; requiring both a review of the previous years cover and prompt payment of the relevant premium.
An Owners Corporation (formerly body corporate) is a body of owners that manage 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. This could 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.