Owners Corporation

‘Owners Corporation’ replaced the term and concept ‘Body Corporate’ effective December 31st, 2007 with the Owners Corporation Act 2006.

Members of an owners corporation include any owner of a flat or unit on a piece of land with common property shared with others.

Members of the Owners Corporation have the responsibility to manage, repair and maintain Common Property on the estate such as laundry, gym, shared barbecue or pool, as well as driveways, stairs, lawn, letterboxes and gardens.

Owners Corporation often require members to contribute a fee to pay for maintenance services such as gardeners, painters and supplies, to perform tasks, or adhere to certain standards of décor or heritage restrictions.

 

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Michael is a director of Metropole Property Strategists who help their clients grow, protect and pass on their wealth through independent, unbiased property advice and advocacy. He's once again been voted Australia's leading property investment adviser and his opinions are regularly featured in the media. Visit Metropole.com.au