What is an owners corporation?
An owners corporation (also formally known as a body corporate) is a legal entity created to manage and maintain the common property of a building or development that is divided into multiple individual lots. Properties range from apartments, townhouses, to estates and club houses.
Key responsibilities of an owners corporation typically include:
- Maintenance and repair of shared or common areas.
- Setting and managing budgets for the upkeep of common areas (e.g., cleaning, insurance, building repairs).
- Managing finances, including levying fees to fund budgeted items.
- Enforcing rules and regulations that govern owners within the common property.
The owners corporation is made up of all owners in the property. Each year the OC must hold an Annual General Meeting (AGM) This is where all owners have an opportunity to meet once a year to resolve the fees for the year. The AGM is a crucial and important key to running a well maintained property.
What is a committee?
The Committee is made up of an approved group of Owners at the AGM. The committee are delegated full functions and powers on behalf of the owners. The Committee must act in good faith and the best interest of the OC at all times.
What is the Managers role?
An Owners Corporation Manager holds a crucial role in managing and overseeing the operations of an owners corporation. We are the key point of contact between the owners, residents, agents and the contractors. This is to ensure that the property runs smoothly in terms of property maintenance, financial management, and adherence to regulations.