If you are an owner of an owner corporation affected property, you automatically become a member of that particular owner corporation. When you legally become an owner, you have responsibilities legally and financially to the owner’s corporation. You might be wondering that what owner corporation body is? It manages the multi-occupancy of a building or land. If you are willing to set up an owners corporation managers in Victoria, you have to go through some basic documentation process.
What are the functions of an owner’s corporation?
Although there are several functions performed by an owners corporation, the standard functions of an owners corporation include the maintenance of properties, services, and fixtures. It is also responsible for enforcing the rules and regulations of the owner’s corporation. It also has a responsibility to provide statutory certificates to the purchasers and owners. They are also responsible for the maintenance and repair of the property. The passing of special resolution only does any other function and responsibility, which has to be involved in owners corporation managers in Victoria.
Suppose you are looking to considering the subdividing of an existing property. In that case, it becomes important for you to seek advice from an owner corporation related to your rights and obligations to assure that all the rights or liabilities are being addressed. If you avoid taking the advice of an owners corporation, you may get unpleasant surprises every day.
Who is an owners corporation manager?
An owners corporation manager is appointed by the owner’s corporation to carry out the standard function of the common property. Some of these functions are the maintenance, repairs, and administering of the common property. It also includes keeping financial records and maintaining insurance of the common property. A corporation manager is responsible for managing the common property of a commercial, residential, retail, or industrial and mixed-use property development.
How many types of owners corporation managers are there?
There are two types of managers: volunteer and professional. A volunteer owners corporation manager is not registered and insured while a paid professional registration becomes a compulsion. Anyone can be a volunteer manager, but you need to go through the registration, selection, and documentation process for being a paid professional owner corporation manager. However, both volunteer and paid professionals have the same legal obligations.
You are eligible for being a member of the owners’ corporation if you are an apartment, flat, or unit owner. Common property is a property jointly owned by the owner’s corporation, and the owner’s corporation manager is responsible for its maintenance and repair. Common property includes foyers, walls, gardens, stairwells, passages, pathways, fences, and lifts. In fewer words, common property is any property that is not included in any lot.
