Your Owners Corporation is responsible for the repair and maintenance of the common property within a subdivided property, including the fixtures, fittings and services related to that common property. The OC corporation is normally also for the repair and maintain of services that are for the benefit of multiple lots as well as the common property.

Common property is the term used to describe all the areas in a plan of subdivision which are generally accessible and available to all owners and occupants. It can include a wide range of areas of a building, but typical examples include hallways, lobbies, entrances, lifts, pools, gyms and outdoor areas.

This is a strategic document covering the maintenance and replacement of major utilities within the building, such as a lift or carpets in hallways for example, within the next 10 years. It usually includes the current state of the items, when those items may need to be repaired or replaced and the estimated replacement cost.

An Owners Corporation engages an Owners Corporation Manager, like MLB Strata, to assist in the day to day operation of the building. The Manager ensures the Owners Corporation complies with relevant legislation and handles many of the administrative and financial obligations of the Owners Corporation. The range of duties includes:

• Maintaining financial records and preparing statements of accounts covering all income and expenditure and assets and liabilities on behalf of the owners;
• Processing and paying invoices on behalf of the Owners Corporation;
• Issuing fee notices to all members of the Owners Corporation;
• Dealing with owners who are in arrears;
• Monitoring and receipting all payments to the Owners Corporation;
• Monitoring and reconciling the Owners Corporation bank account;
• Preparation and lodgement of BAS returns;
• Preparation and lodgement of tax returns;

Insurance

• Arranging appropriate insurance coverage;
• Arranging valuations for insurance purposes where required;
• Preparation, lodgement and follow-up of insurance claims;

General

• Convening and attending Owners Corporation meetings;
• Providing all statutory reports related to these meetings;
• Monitoring and responding to correspondence;
• Maintaining the details of members of the Owners Corporation;
• Maintain the Owners Corporation Register;
• Issuing Owners Corporation certificates and liaising on settlement adjustments with solicitors and conveyancers;
• Managing use of the common seal;
• Maintaining necessary records on behalf of the Owners Corporation, including details of maintenance and service contracts;
• Aiding the Owners Corporations to enable it to perform its duties;
• Ensuring that decisions of the Owners Corporations are carried out as directed.