An Owners Corporation (formerly called ‘Body Corporate’) manages and administers the affairs of the common property of a residential, commercial, retail, industrial or mixed-use plan of subdivision.
An Owners Corporation is automatically created when a plan of subdivision is registered with Land Victoria. The plan of subdivision shows the ‘Lots’ that can be sold separately.
The person who owns a Lot with the Plan of Subdivision automatically becomes a member of the Owners Corporation.
An Owners Corporation is a registered body of property owners who are “tenants (owners) in common” of common property connecting their individual private Lots.
Examples of common property include:
- Recreational Facilities
As a member you have legal, financial and moral responsibilities to the Owners Corporation. Each Lot on the plan of subdivision has a relative Lot entitlement and liability which is determined by an independent surveyor prior to the commencement of the Owners Corporation.
Lot entitlement represents a Lot owner’s share of ownership of the common property and determines voting rights whereas the Lot liability determines the proportion of the total costs an owner is required to pay to the Owners Corporation.