What is an Owners Corporation?
An Owners Corporation manages the common property of a residential, commercial, retail, industrial or mixed use property development.
An Owners Corporation manages the common property of a residential, commercial, retail, industrial or mixed use property development.
An owners corporation manager must:
The owners corporation manager must also:
There are a number of options for paying your owners corporation fees. The preferred way to pay your fees is via the deft system. The DEFT system allows fees to pay by credit card over the phone or via BPAY online. To access the DEFT payment system click on the DEFT link at https://faceyoc.com.au/useful-links/
The minimum insurance required for an owners corporation is:
Each policy may vary in regards to extra protections that each group require. Please review your copy of the insurance policy to make sure your complex’s requirements are met.
A copy of your insurance certificate of currency can be found on the portals (online client login) for all Owner Corporations managed by Facey Owners Corp. Click on the Client Login menu option at https://faceyoc.com.au/ to access your account
A Committee is a group of the Owners Corporation Lot Owners who can be elected at any General Meeting. Their purpose is to act on behalf of all Lot Owners throughout the year should Management need to inform them of any matters that may arise.
If your complex consists of more than 13 Lots then a Committee is compulsory. If your complex consist of less than 12 lots then electing a committee is optional. Either way a Committee must have a minimum of 3 and maximum of 12 members
The AGM is an annual assembly of Lot Owners to discuss any matter pertaining to the common property including reviewing the financial accounts of the complex. This meeting decides the annual budget for the running of the complex as well as sets out any maintenance for the year. Facey Owners Corp believes it is important for Lot Owners to attend this meeting so your input can be heard.
A proxy form is a nomination form that gives a natural person the right to vote on behalf of a legal entity that has ownership of the lot. If a lot is owned by an entity other than a natural person, a proxy form is required to vote on all owners corporation matters. A proxy form must be signed by all lot owners/directors of the entity to be valid.
As per Section 91 of the Owners Corporations Act 2006, there is to be one vote for each lot.
The budget is created at the annual general meeting. Each year lot owners will collectively discuss the requirements of the complex for the upcoming year and create a budget accordingly. This means that each year a budget can vary depending on the needs of the complex.
The Model rules for an owners corporation (formerly body corporate) are set out in the Owners Corporations Regulations 2018. It sets out basic requirements that all members of the owners corporation must adhere to. Model Rules can be found at https://www.consumer.vic.gov.au/housing/owners-corporations/rules-and-resolving-disputes/which-owners-corporations-have-rules
A set of special rules can be created that work in conjunction with the Model rules to set out further restrictions on members of the owners corporation. These special rules are created specifically for each complex and are a legal resource for control, management, administration, use or enjoyment of the common property or lot.
Lot liability refers to the proportion of owners corporation expenses liable to be paid by each owner. Whereas the lot entitlement refers to the extent of the lot owners interest in the owner corporations common property.
A maintenance request for any issue pertaining to the common property must be via written correspondence. Requests can be easily lodged through the Facey Owners Corp website https://faceyoc.com.au/report-maintenance/ or through the portals (online client login).