WHAT IS AN OWNERS CORP?
What is an Owners Corporation?
An Owners Corporation, also known as a strata corporation, body corporate, or condominium association, is a legal entity established to manage and maintain a multi-unit property or development, such as an apartment complex, townhouse, or commercial building. When a property is subdivided into individual lots or units with shared common areas, an Owners Corporation is formed to oversee these shared spaces and responsibilities.
Key Functions of an Owners Corporation:
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Maintenance and Repairs: The Owners Corporation is responsible for maintaining and repairing common areas such as gardens, pools, elevators, hallways, and roofs, ensuring these spaces remain in good condition for all residents or occupants.
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Financial Management: It manages the financial affairs of the property, including setting and collecting levies or fees from owners, budgeting for expenses, and maintaining financial records.
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Insurance: The corporation arranges insurance for the common property and public liability, protecting against risks such as property damage or personal injury within shared spaces.
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Bylaws and Rules: It establishes and enforces bylaws or rules that govern the behaviour of residents and use of common areas, helping to maintain harmony and protect the interests of all owners.
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Meetings and Decision-Making: The Owners Corporation holds regular meetings, such as annual general meetings (AGMs), where owners can discuss issues, make decisions, and vote on matters affecting the property.
- Dispute Resolution: It provides mechanisms for resolving disputes between owners, residents, or the corporation itself, ensuring conflicts are managed fairly and efficiently.