Owners Corporation

An Owners Corporation, also known as a body corporate or strata company, is a legal entity established to manage and maintain the common property of a residential, commercial, or mixed-use strata development in Australia. This entity comes into existence when a property is subdivided into lots (such as apartments, townhouses, or commercial units) and common property areas (such as gardens, driveways, stairwells, etc.) under a strata plan.Key responsibilities of an Owners Corporation include:Maintenance and Repair: Managing the maintenance, repair, and upkeep of common property areas and facilities.Insurance: Ensuring that the building and common property are adequately insured.Financial Management: Preparing and managing budgets, levying fees from lot owners, and managing financial accounts.Compliance: Ensuring compliance with relevant laws, regulations, and by-laws applicable to the strata scheme.Decision-Making: Facilitating meetings, voting on issues affecting the property, and enforcing rules and regulations agreed upon by the owners.All lot owners in the development are automatically members of the Owners Corporation and have voting rights in decisions affecting the property. The day-to-day management might be delegated to a strata manager or similar professional, depending on the complexity and size of the development.