Strata Base | Obligations of an Owners Corporation
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Obligations of and Owners Corporation

If you own property affected by an owners corporation then you become a member of that owners corporation automatically. As a member, you have legal and financial responsibilities to the owners corporation.

The functions and powers of owners corporations are set out in Part 2 of the Owners Corporations Act and include:

  • the obligations of an owners corporation to carry out its functions and exercise its powers honestly and in good faith, and with due care and diligence.
  • how an owners corporation must be managed, and to whom it can delegate its functions and powers, and
  • the use of a common seal.

An owners corporation must:

  • manage and administer the common property
  • repair and maintain the common property, fixtures and services
  • take out and maintain required insurance
  • raise fees from the lot owners to meet financial obligations
  • prepare financial statements and keep financial records
  • provide owners corporations certificates when requested
  • keep an owners corporation register
  • establish a grievance procedure.

It must also:

  • carry out any functions and duties under theOwners Corporations Act 2006, the Owners Corporations Regulations 2007, the owners corporation rules and any other law or regulation
  • ensure compliance withOwners Corporations Act 2006, the Owners Corporations Regulations and rules.