Your free owners corporation dictionary – Victoria

Victoria owners corporation terminology made easy header

Victoria owners corporation terminology made easy

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 is a plan of privately owned lots. Owners corporation committee members own these lots. They can also contain common property lots. Owners corporation committees are responsible for these common property lots.

 

Lot liability

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.

 

Maintenance plan

Maintenance plan details:

  • the present condition of major capital items
  • the major capital items requiring repair and replacement over the next 10-15 years
  • 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.

 

Ordinary resolution

An ordinary resolution is a decision excepting special resolutions or a unanimous resolution and is passed by a majority of votes cast in favour.

 

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.

 

Owners corporation 

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

Rules govern the behaviour of the residents and owners, and the rules of the building.

Are you looking to change your owners corporation provider?

 

Click here to book a free owners corporation assessment today. The assessment is free and carries no obligation. Our locally-based owners corporation professionals are well experienced and knowledgeable. Simply fill in the form, and one of our team members will contact you to have a chat.


Helpful resources and services
We care about what you have to say. Share your feedback here.