Your free owners corporation dictionary – Victoria
Owners corporation keywords and phrases for property owners in Victoria
Consumer Affairs Victoria
Consumer Affairs Victoria is the governing body for all other owners corporation matters. These include insurance matters and dispute resolution.
Land affected by an owners corporation
Land affected by an owners corporation refers to the lots (or units) privately owned by members of the owners corporation and the common areas within the property, including gardens and amenities. It’s important to understand that the term “land” here encompasses buildings and airspace as well as physical land. Owners corporation committees are responsible for these common property areas within land affected by an owners corporation.
Lot liability a number specified in the plan as the lot liability for that lot. It determines how much the lot owner must contribute to committee expenses.
A maintenance plan is a 10-year proposal of all major capital items requiring repair and replacement. It details:
- the present condition of major capital items
- when the items or components will need repairing or replacement
- the estimated cost of the repair and replacement of those items or components, and
- the expected life of those items or components once repaired or replaced.
An ordinary resolution is a decision voted on by the owners corporation. It can only be passed if a majority of votes cast are in favour of the resolution. Decisions that can be passed via an ordinary resolution include those regarding works, committee member elections, budgets and common property.
Owners Corporation Act 2006
The Owners Corporation Act 2006 is the main governing legislation for owners corporation matters.
Owners corporation certificate
An owners corporation certificate publicly discloses owners corporation committee matters. People who want to buy a lot within an owners corporation property use this certificate. It forms part of the Vendors Statement (Section 32). People can apply in writing and pay a fee to access the owners corporation certificate of a property. All Victorian committees must prepare and supply the certificate within ten business days.
Owners corporation fees
Owners corporation committees raise owners corporation fees. These fees cover daily and regular expenses. They also cover forecasted maintenance works.
Owners corporation manager
An owners corporation manager assists an owners corporation committee to carry out their duties. They must register with the Business Licensing Authority and have professional indemnity insurance.
Owners corporation register
An owners corporation register is a summary of activities, undertakings, and membership. A register outlines important information, such as:
- the name, registration number and contact details of the manager
- lot entitlements
- any amendments made to the owners corporation rules
- details of contracts, insurance policies and licenses entered into.
All owners corporation committees must establish and maintain an owners corporation register. Owners of only two lots do not have to establish and maintain such a register.
An owners corporation is a committee formed to manage the common property in a community development. An owners corporation is automatically formed when a plan of subdivision containing common property is registered at Land Use Victoria.
Plan of subdivision
A plan of subdivision is a plan that divides land into two or more new parcels of land. Owners can sell these parcels of land separately.
Prescribed owners corporation
A prescribed owners corporation is one that levies annual fees more than $200,000 in a financial year It can also be an owners corporation that consists of more than 100 lots.
Rules govern the behaviour of the residents and owners, and the rules of the building.
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