What is an owners Corporation?
When land or buildings are subdivided, it is necessary to provide for shared ownership of wall, driveways, services a, and common property. A plan of subdivision is registered at Land Victoria, an Owners Corporation is created.
All owners corporations have duties and powers as set out in the Owners Corporation Act 2006. If you own property affected by an owners corporation you automatically become a member of the owners corporation and have responsibility under the Act.
What is the Committee?
The Act requires that the owners corporation elects a committee of not less than three and not more than12 members. The members must be lot owners or hold a proxy for a lot owner.
What does the Committee do?
The committee implements decisions taken by the lot owners at General Meetings and oversees daily issues as they arise. It instructs the OC Manager, SHA Owners Corporation, regarding the operation of the Owners Corporation, and deal with issues that may arise.
Who determines the amount of the contributions?
The Committee and Manager prepare a draft budget to be considered by the owners at Annual General Meetings. The Annual General Meeting approves a budget and each owner contributions are calculated proportionally based upon the unit liability specified in the plan of subdivision for their lot(s).
Who issue sthe notice of contribution?
Contributions are usually made on a quarterly basis in advance in accordance with the Annual General Meeting instructions.
Where does all the contribution money go?
All contributions based upon the approved budget are deposited into the administration fund bank account for the property and may cover the following items:
Routine maintenance
Insurance of the building and common property
Postage and stationery
Minor building repairs
Owners Corporation manager fees
Utilities for the common property
Essential and Fire Services maintenance
What does SHA Owners Corporation do?
As Owners Corporation:
• Issues contribution notices and follows up unpaid contributions
• Arranges for repairs and maintenance
• Convenes and records the annual general meeting
• Maintains the OC records
• Provide an after hours emergency service
• Follow up on unpaid levies
• Arranges the property insurance and submits claims as required
About SHA Owners Corporation
SHA Owners Corporation Pty Ltd proudly provides professional services in maintaining and managing all areas of the common property.
