Melbourne Body Corporate Management, MBCM, Body Corporate Management, Owners Corporation Management, Owners Corporations

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Melbourne Body Corporate Management, MBCM, Body Corporate Management, Owners Corporation Management, Owners Corporations

Strata Solutions.

What is an Owners Corporation?

Owners Corporations, Bodies Corporate (as they used to be known in Victoria), or Strata Title is a system first introduced to Australia in the early 1960's.

Buying into an OC

Many people buy the unit or property of their dreams, and only after they have settled on the property do they realise that they have certain obligations.

Sometimes an owner of a unit or apartment decides to put their property on the market, only to be told that the property "won't be able to settle".

Some Owners Corporations are fortunate in having all the necessary skills in-house and decide to self-manage their property.

The OC Manager's role

An Owners Corporation has numerous legal obligations. This is to protect the investment of the owners and prevent situations such as under-insurance.

Who makes the rules?

Every Owners Corporation must have rules for the control, management, use or enjoyment of common property and lots.

OC Certificates

Under Sub section 32 (5) of The Sale of Land Act 1962 (Vic), an Owners Corporation Certificate must accompany the Vendor's Statement (Section 32).

Lot liability and lot entitlement

Every Owners Corporation has a Plan of Subdivision, and that plan will set out what is called "Lot Entitlement" and "Lot Liability" of each lot.

Setting up your OC

For various reasons, you have decided to set up your non-functioning Owners Corporation.

Owners Corporation rules still apply to two-unit developments and they are subject to the Owners Corporations Act 2006.

Handling Complaints

Complaints frequently occur in Owners Corporations, and managers and committees must have policies and procedures in place to manage.

Terminating your OC Manager

Your Owners Corporation is considering or has decided to terminate your current manager's contract. This is one of the most commonly asked questions.

Making OC rules

Every Owners Corporation must have rules for the control, management, use or enjoyment of common property and lots.

Effective OC Committees

A strong committee can be of critical importance to the effective and harmonious operation of any Owners Corporation.

Property development is a multifaceted business, encompassing activities that range from buying land, raising finance, designing, obtaining necessary approvals.

Insurance is important to protect your owners corporation (formerly body corporate) and the personal assets of all lot owners. The law sets out the minimum insurance required.

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