These resources are designed to help you make sense of owners corporation living in Victoria
As the cultural, sporting and foodie heart of Australia, Victoria often doesn’t disappoint. With a vibrant café culture and upbeat economy, this state is a perfect mix of parks and gardens with vast spaces to explore, making it a popular option for families and young professionals alike. As a lifestyle choice, many are choosing apartment living for easier access and convenience to transport routes, shopping malls, schools, and health care facilities.
With so much to know about apartment living and owners corporation management, this guide aims to help you make sense of owners corporation legislation is an easy and digestible way so that together we can enhance community living.
An owners corporation is the entity, created by law when subdivided land is registered as having common property i.e. strata title property. Their function is to carry out tasks required under relevant laws including the maintenance of common property.
The role of an owners corporation manager or provider is to assist in the day-to-day operations of an owners corporation. Here’s a guide on selecting an owners corporation manager that will benefit your owners corporation property.
The rules of an owners corporation exist to help regulate the rights of residents in owners corporation properties. These are called by-laws in most other states and rules in Victoria.
An owners corporation is required by law to keep numerous records relating to the property. Strict record keeping obligations ensure that no vital information pivotal to safety or an owner’s rights are lost.
An owners corporation has a legal responsibility to administer the finances and common funds of the group of owners. Even if you are not a member of the committee, as a lot owner, you should be aware of the financial status of your owners corporation at all times.
One of the many functions of an owners corporation is taking out and paying premiums on insurance for common property. In Victoria, owners corporations are required to insure all buildings on the common property.
In an owners corporation property, you have shared ownership with all other owners of common property areas, amenities, and assets. As owners, you are collectively responsible to ensure it is maintained and the running costs such as cleaners and utilities are covered.
Members of an owners corporation collectively own the common property with the other lot owners as “tenants-in-common”. As the collective owners of common property i.e. the owners corporation, there are duties to manage, administer, repair and maintain common property.
One of the benefits of Community Living is sharing the cost of common property maintenance and repairs. However, just as the owners corporation has a duty to keep common property under good repair, a lot owner has an obligation to keep their lot under good repair.