Say that you have recently purchased a residence in an apartment block in Richmond. You share a driveway, parking lot, elevators, swimming pool, and a garden with the other residents. They are the responsibility of all the owners, but the thing is, no one is really clear on who is going to manage all of those. It’s a big job, not just the physical maintenance, but dealing with insurance, legislation, record keeping, and all of the other necessary aspects of keeping the place running. So, you need to take action, but how? Fortunately, there is an answer! Your apartment block needs an owner’s corporation.
An owners corporation is a legal body that holds the responsibility for managing a multi-occupancy subdivision of land or a building collectively. Their responsibilities include maintaining the property, resolving disputes, and implementing the rules that have been decided upon. The best way to achieve this is to engage the services of the body corporate in Richmond, they have years of experience helping groups of shared property owners manage their premises, and will take on all the responsibilities of owners corporation management so you and your fellow residents don’t have to!
Let’s take a moment to learn more about what an owner’s corporation does for your community:
- Provides administration and general management of the premise’s buildings and land.
- Repairs and maintains the common property’s services and fixtures, including the structural integrity of the premise’s buildings.
- Attends to the premise’s comprehensive insurance policies, such as compulsory public liability insurance, in order to guarantee proper protection for residents and the property’s maintenance staff.
- Provides statutory certificates to prospective purchasers and owners.
- Organises regular member meetings, including the documentation of accurate orders and minutes.
- Maintains transparency and compliance with the requirements that an owners corporation must preserve all financial
- Handles all of the premise’s necessary correspondence in an efficient and timely manner.
- Maintains the registration of the premise’s owners corporation.
- Enforces the Rules and Regulations the owners corporation has implemented for the good of the residents.
- Establishing a grievance procedure for mediating dispute resolution among the members.
- Collects owners corporation fees from all of the owners on a regular schedule so that the premise’s financial obligations can be met in a timely fashion.
- Provides the owner’s corporation with certificates when requested to.
Owners corporations also maintain varying responsibilities that are dependent on the size of the property. Two-lot subdivisions are exempt from a number of legal requirements, but properties containing over 100 lots, or that collect annual fees of more than $200,000, carry some additional obligations:
- Obtains the valuations of all of the insured buildings on a five-year basis.
- Conducts the annual financial statement audits.
- Forms and establishes a regular plan for the premise’s maintenance and oversees all necessary repairs.
The owners corporation management plays a very important role in maintaining the efficient operation of the shared property as well as the harmonious relationship of residents in regards to it.