You are now the proud owner of a beautiful set of rooms in a pretty posh new apartment building. There is a private parking garage, a swimming pool, a fun public room, and even an outdoor garden for all the tenants to enjoy. Everybody is getting along great, and enjoying their new lives together, but no matter how good things are now, there are always bound to be problems cropping up eventually- arguments over whose parking place is who’s, a wild late-night pool party keeping neighbours awake on a weeknight, some wannabe pool shark has been hogging the billiards table all evening, and the garden needs proper care before all the plantings perish. Whose responsibility is all this, anyway? The building owner? The tenants? The right answer is probably yes to both.
It’s time to set up an owner’s corporation for your building. It’s the responsibility of all owners to care for the common areas, but it also takes a lot of time and attention. The insurance, maintenance, keeping track of pertinent legislation, holding meetings, keeping records, and handling grievances, all adds up. We recommend you seek the services of owners corporation management in Melbourne, they will treat your community as if it were their own, building a high level of trust and cooperation between all concerned, to help your property run smoothly and prosper.
What are the responsibilities of an owner’s corporation? It somewhat depends on the property’s unique needs, but here is a list of the basics:
- Maintain the owners corporation register
- Keep financial records and prepare pertinent statements
- Keep tax records and arrange for the payment of any taxes due.
- Administer and manage common property, utility infrastructure, and any and all shared assets
- Provide owners corporation certificates upon request
- Arrange for and maintain required insurance
- Manage the fees from the owners and raise them when necessary to meet financial obligations
- Handle all grievances in a fair and neutral manner that will satisfy the majority of the owners
- Maintain the common property, repair fixtures and necessary services such as elevators
- Handle the purchase costs and fees for members
There should also be an executive committee in place as a go-between for tenants and the management. The members are elected on a yearly basis by the property owners. The responsibilities of this body include:
- Maintaining the records and keeping the books
- Managing day-to-day operations and carrying out decisions.
- Submitting requests and proposals regarding common property at general meetings
- Preparing financial and budget statements
- Preparing insurance payments and statements
- Notifying owners of upcoming meetings and keeping a record of the discussions
- Maintaining the corporate register
- Managing the corporation’s accounts
- Deciding who gets to play billiards on weekends
- Compiling and posting sets of rules for owners
It’s also important to be in step with the government’s regulations. Enjoy your life knowing your owners corporation is working hard for you!