Norman Mermelstein, REIV Accredited Owners Corporations Specialist
Neville Sanders, REIV Accredited Owners Corporations Specialist
Owners corporations must maintain common areas. The corporation’s powers may be delegated to a manager or chair or secretary. It may lease or licence parts of the common property. Prospective buyers must receive owners corporation certificates. Two-lot subdivisions are exempt from many of the requirements. The subdivision plan decides the boundaries for who pays for repairs. Implied easements restrict what owners may add to the building. Reinstatement and replacement insurance is required for shared services. Annual general meetings must not be more than 15 months apart and matters to cover are set by law. Unfinancial lot owners are ineligible to vote. Power of attorney can only be held by a family member of a lot owner. The dispute resolution provisions of the Owners Corporations Act 2006 (Vic) are complex. Complainants may seek conciliation or mediation from Consumer Affairs Victoria. VCAT may determine disputes.
This section includes the following topics:
- What is an owners corporation?
- Key legislation
- Entitlement and liability
- Function and powers
- Financial management
- Repairs and maintenance
- Meetings and decisions
- Managers of owners corporations
- Duties and rights of lot owners and occupiers
- Dispute resolution
- Other owners corporation matters
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