An owners corporation (formerly body corporate) manages the common property of a residential, commercial, retail, industrial or mixed-use property development.
Common property is whatever it is stated to be on the plan of subdivision and may include gardens, passages, walls, stairwells, pathways, driveways, lifts, foyers and fences.
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.
- 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.
VCAT hears disputes pursuant to the enabling Owners Corporation Act 2006:
- Between neighbours affected by the same owners corporation, service company or company title corporation, about behaviour – for example, noise, car parking, rubbish, use of common property etc.;
- About owners corporation fees and levies;
- About repairs and maintenance;
- About how meetings are conducted (process, decisions, record keeping, committees, delegations etc.);
- Between the owners corporation and its manager (manager’s fees and performance, clauses in the management contract).
Daniel Epstein of Counsel
