Many people buy units or lots divided under a plan of subdivision. On becoming an owner of a piece of land or lot in a plan of subdivision which includes common property, you become a member of the owners corporation. The Subdivision Act 1988 and the Owners Corporation Act 2006 regulate the functions, rules and responsibilities of the owners corporation. The owners corporation is usually run by a committee of management made up of lot owners.
The owners corporation is responsible for maintaining and repairing areas of common property, arranging insurance in relation to these areas, including public liability cover, and conducting regular owners corporation meetings where general business is discussed and voted on. When you buy a unit, a certificate outlining details of the owners corporation and your fee obligations must be provided by the vendor.
- Passages Gardens
- Storage areas
- Entrance halls