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What Is Owners Corporation

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An owners’ corporation is the legal entity in which many owners are included. An owner’s corporation is also known as Strata Corporation. Owners Corporation is kind of group of owners. If you own a flat or apartment, you can be a member of owners’ corporation. The duty of owners’ corporation is to manage the residential, industrial or commercial properties.

Responsibilities of an owner corporation

The owners’ corporation is responsible for the management and maintenance of common property. Their duty is to manage finance and insurance. It’s also their duty to prepare better work, health and safety laws. The building fire and safety inspections are also responsibility of owners’ corporation. The owners’ corporation should keep a stroll roll and details which includes owner’s name and address, details of insurance, details of managing agent and details of original lawyers.

Owners have to pay some charges as a fee for the maintenance. The funds are kept for day by day activities and capital works fund are used for major work or maintenance. The owners’ corporation must keep records for minimum 7 years of notices of owners’ corporation and proxies given to owners as after 7 years proxy expires. Similarly the records for finance should be maintain minimum for 7 years which includes cash books and records of deposits and withdrawal for the owner corporation’s account. The owners’ corporation also have a responsibility to maintain the financial records as well as orders served and minutes of meeting too. Funding the corporation increases funds which helps to complete minor as well as major tasks.

How are funds calculated?

The amount that each owners give to owners’ corporation so that maintenance fund are calculated according to lot entitlement. All owners can vote on management decisions at an Annual General Meeting (AGM) and decision is taken by committee of owners on behalf of the owners’ corporation.  It’s legally responsibility of owners ‘corporation to maintain all properties including the structure of many buildings. They also resolve issues and disputes of the members of owners corporation and try to implement the rules Common property may include stair, lift , common garden areas and buildings too. Owners corporation lawyers in melbourne make and enforce rules that try to bring owners, management and tenants together.

Owner Corporation is such a useful group or organization which look after your common properties in every way. Owners’ corporation is all about teamwork and they are doing great job. You should become a member of owners’ corporation to avail all these facilities offering by owners’ corporation. Therefore the impact of these type of corporations is huge especially because it is a collective efforts and we all know that with collective efforts the chances of success are high.