Although the word speaks for itself, there is a lot hidden under the name that you need to know. So, here we will be discussing the 5 things you need to know about the owner’s corporation.
What is the meaning of the Owners Corporation?
It is the Corporation that manages the common property of all types of areas under property development. It includes areas like commercial, residential, and even mixed areas. Several things come as a power of these corporations like the following:
- The common property
- Plan of the subdivision
- Land use Victoria
The following are the 5 things that you need to know about:
1. What are the different levels of corporations?
There are 4 different levels in the Corporation, and here is all you need to know about these levels.
- The first level consists of the lot owners
- The second level consists of the elected owners
- The third level has the delegate of the Corporation, which can be the chairperson or a committee member.
The last and the 4th level of the Corporation has the delegate of the committee. It depends on the committee to whom they delegate.
2. The role of chairperson and secretary in the Corporation
So, the committee selects a person for the post of chairperson. That person is known as the corporation chairperson. The role of that chairperson is to run the meetings to make decisions about things like property maintenance.
Same as the Corporation selects a chairperson, it is necessary to select the secretary for the Corporation. The secretary must manage things like organizing meetings and fulfill the role duties regarding property maintenance.
3. What are some of the responsibilities of the Owners Corporation?
So, being a part of the owners and property maintenance corporation brings all the high values. There are some responsibilities that every individual needs to fulfill, and here are some of those responsibilities:
- Management and administration of the common property
- Maintenance of the required insurance
- Maintenance and repair of the common property
- Setting the fees
- Preparing and presenting the financial statements
- Keeping all the financial records
Provide the certificates for the Corporation as required and more
4. Decision Making
The decision-making process in the Corporation is one of the most organized acts as the Corporation decides on any resolution after getting votes from the members. There are some voting rules as well. Some of those rules are:
- If two people share the ownership, then they have to share the vote as well
- If a single person owns more than one lot, then he can vote more than once
By following the voting methodology, the best decision-making is done.
5. Buying a property
If you are looking to buy a property that has been affected by the Corporation, then you need to be a little careful. For example, there is a lot that you need to know about that property, including all of the information. Without getting all the information, you cannot buy a property according to the Corporation’s rules.
The Owners Corporation holds high importance for making all the important divisions as well as the property maintenance moves. So, if you were looking to know about it, we hope that you have got enough information from these 5 things.