Quite simply, Owners Corporation manages all dealings of the common property of a residential, commercial, retail, industrial or mixed-use plan of subdivision.

When a plan of subdivision is registered with Land Victoria an Owners Corporation is created. The person that owns the Lot with the Plan of Subdivision becomes a member of the Owners Corporation.

Common property includes:

• Walls
• Passages
• Gardens
• Foyers
• Stairways
• Driveways
• Lifts
• Fences
• Recreational facilities

Obligations of Owners Corporation:

• Manage and administer common property
• Repair and maintain the common property, fixtures and services
• Take out and maintain required insurance
• Raise fees from the Lot owners to meet financial obligations
• Prepare financial statements and keep financial records
• Provide Owners Corporation certificates when requested
• Keep an Owners Corporation register
• Ensure compliance and carry out any functions and duties under the Owners Corporations Act 2006, the Owners Corporations Regulations 2007, Subdivision Act 1988 the Owners Corporation’s rules and any other law or regulation. 

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