Owners Corporation

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 … Continued