Frequently Asked Questions
Listed below are some of the more frequently asked questions
clients ask of us. Please do not hesitate to contact us if you require
clarification on any point. This information has been re-printed from
the Consumer Affairs Victoria (CAV) website and contains information
about Owners Corporations (Body Corporate) that are created through a
plan of subdivision where there are buildings or land subdivided into
individual lots and common property.
What is an Owners Corporation?
What regulates an Owners Corporation in Victoria?
Where can I obtain a copy of the Act & Regulations?
What is an Owners Corporation?
An Owners Corporation is created when a
plan of subdivision containing common property is registered at Land
Victoria.
A purchaser of a lot that is part of an Owners Corporation automatically
becomes a member of the Owners Corporation when the transfer of that lot
to the purchaser has been registered with Land Victoria.
When you buy into an Owners Corporation, you purchase not only the
individual property, but also ownership of, and the right to use, the
common property as set out in the plan of subdivision. This common
property may include driveways, stairs, paths, passages, lifts, lobbies,
common garden areas and other facilities set up for use by owners and
occupiers. In order to identify the boundary between the individual lot
you purchase (for which the owner is solely responsible) and the common
property (for which all members of the Owners Corporation are
responsible), you should closely inspect the plan of subdivision.
An Owners Corporation may be created in any subdivision
- residential, retail, commercial, industrial or mixed use.
A plan of subdivision shows the lot entitlement and lot liability of
each lot that affects each lot owners voting capability and liability
for costs related to common property. In some cases a subdivision may
provide for multiple Owners Corporations.
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What regulates an Owners Corporation in Victoria?
The Owners Corporations Act 2006 and the Owners Corporations
Regulations 2007 regulate Owners Corporations in Victoria.
Part 2 of the Act sets out the functions and powers of an Owners
Corporation, powers relating to Delegation, Services and Property.
Powers to bring Legal Proceedings and the use of the Common Seal of the
Owners Corporation.
Part 3 of the Act deals with financial management, recovery of debt,
charging of interest, repairs & maintenance, maintenance plans and funds
and compulsory insurance.
Part 4 of the Act sets out the requirement of meetings of the Owners
Corporation including procedures, decisions, and minutes of an Owners
Corporation meeting.
Part 5 of the Act covers the election of Committees, Chairperson and
Secretary of an Owners Corporation.
Part 6 of the Act is regarding the appointment of a Manager.
Part 7 of the Act sets out the duties and rights of owners and occupiers
of an Owners Corporation.
Part 8 of the Act covers the Rules including the power to make the rules
and the Model Rules.
Part 9 of the Act details the keeping of records, including the Owners
Corporation Register and the provision of Owners Corporation
Certificates.
Part 10 of the Act covers Dispute Resolution including Complaints and
Procedures.
Part 11 of the Act details Applications to VCAT.
Part 12 of the Act details the Registration of Managers
Part 13 of the Act are the Approved forms and General information.
SCHEDULES
There are three important prescribed documents relating to Owners
Corporations. These are known as Schedules and are as follows:-
SCHEDULE 1 - Proxy Form
SCHEDULE 2 - Model Rules
SCHEDULE 3 - Statement of Advice and Information for Prospective
Purchasers and Lot Owners.
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Where can I obtain a copy of the Act and Regulations?
The Owners Corporations Act 2006 and the Owners Corporations
Regulations 2007 are available for purchase in hard copy from
Information Victoria, located at 505 Collins Street, Melbourne. To speak
with a customer representative call 1300 366 356 or order online at
www.bookshop.vic.gov.au
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