Table of Contents
What is an Owner’s Corporation?
An owner’s corporation (formerly body corporate) manages the common property of a residential, commercial, retail, industrial, or mixed-use property development.
What is there to know when living in an Owner’s Corporation?
https://www.consumer.vic.gov.au/housing/owners-corporations/rules-and-resolving-disputes/model-rules
What is the difference Between a lot owner’s responsibility and common areas/property?
A lot is a part of land, buildings, and airspace on a plan of subdivision that can be separately owned and sold. Technically, lots are those parts of land, building, or airspace that are not common property, road, or a reserve, and include accessory lots such as car spaces, storage bays, and storerooms. Common property includes any parts of the land, buildings, and airspace that are not lots on the plan of subdivision. It may include gardens, passages, walls, pathways, driveways, stairs, lifts, foyers, and fences. The common property is collectively owned by the lot owners as tenants-in-common. Floor coverings and fixtures within a lot are usually the property of the lot owner.
What is covered under strata insurance?
https://www.chu.com.au/strata/what-is-strata-insurance/strata-insurance-vic/
What is the role of an Owner’s Corporation Manager?
Some Examples:
- Secretarial
- Accounting
- Debt recovery
- Insurance
- Meetings
- Dispute resolution
- Repairs
How do I pay my Owner’s Corporation fees?
Most Owners pay via internet banking (refer contribution fee notice)
How do I update my contact details?
Contact Information Changing Form
How is the annual budget set?
As part of determining fees for the financial year, the Manager estimates the cost of administration, maintenance, insurance and contributions based on previous years whilst taking into account any upcoming projects or necessary works which need to be budgeted. The owners’ corporation manager will prepare and issue a proposed budget for your property prior to the AGM. Any feedback on the financials typically needs to be received prior to the AGM. Without available funds, your owners’ corporation may be unable to engage contractors or renew the insurance. All of the above aspects are factored into the numbers when preparing your budget.
What are units of liability and entitlement?
The plan of subdivision sets out the lot entitlement and lot liability of each owners’ corporation member. Every plan of subdivision contains a list of lots and a corresponding allocation of a unit entitlement. Lot entitlement is the proportionate share of ownership of owners’ corporation assets, including the common property (Eg: relates to a share in the common property such as for the use of a driveway, lift or vehicle gate). It also determines voting rights at a meeting or with respect to a postal ballot for the owners’ corporation. Lot liability is the proportion of Owners Corporation expenses (Eg: relates to the contribution attributed towards say renewing the insurance or proportion of maintenance levies or obligation to contribute to repair and maintenance of common property) the lot owner is obliged to pay.
what happens if I need to make a claim on the strata insurance policy?
Contact our office (most claims will require photos and or police reports)