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What is an Owners Corporation?

What is an Owners Corporation?

What is an Owners Corporation?
An Owners Corporation comprises the owners of the group of lots bound by a Strata Title or also referred to as Body Corporate or Strata plan, Owners Corporations have designated and legislated functions and powers including:

  • arranging the repair and maintenance of common property
  • managing and administering the common property
  • to take out, maintain and pay premiums on insurance required or permitted
  • to take any action necessary to ensure the Regulations and the rules of the Owners Corporation are complied with.

Depending on the structure of the Owners Corporation and the number of units there may be a committee of management. The Owners Corporation comes under the control and jurisdiction of the Owners Corporations Act 2006 and Owners Corporation Regulations which came into force at the end of December 2007. Strata Management are well aware of the regulations and would be pleased to give advice if required.