What Is An Owners Corporation?
An Owners Corporation is automatically created when a plan of subdivision containing common property is registered at Land Victoria. The subdivided land can take many forms ranging from being a duplex, a residential unit block, a high- rise accommodation complex, a shopping complex, or a residential suburb, or a business park commercial, retail, lifestyle resorts, retirement villages, car parks, storage facilities, industrial developments.
When a subdivided property is bought, not only is the individual asset purchased, but also, ownership of, and the legal right to use the common property as set out in the title plan of the entire property. Common property often includes driveways, stairs, paths, passages, lifts, lobbies, garden areas and other facilities set up for use by owners and occupiers.
The plan of subdivision also 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.
The operation of Owners Corporations in Victoria is covered by the Owners Corporations Act 2006 and the Owners Corporations Regulations 2007.