No matter the size or type of development, if it's an Owners Corporation... we'll MANAGE it!
What is an Owners Corporation
An owners corporation (formerly body corporate) manages the common property of a residential, commercial, retail, industrial or mixed-use property development. The Owners Corporations Act 2006 sets out the duties and powers of owners corporations.
You are likely to be a member of an owners corporation if you own a flat, apartment or unit, especially if there is a shared (common) driveway or letterbox area. The registered title for your property will show if it is part of a cluster title or strata title subdivision.
An annual budget is set to meet the anticipated expenditure and is divided by the lot liability for property as shown on the registered plan of subdivision which was lodged with the titles office when the subdivision was created.
Why should we employ a manager and what do they do?
Owners Corporations come in all shapes and sizes. The small 3 unit development can have just as many headaches as the 20 unit development. Employing a manager can take the stress out of the everyday living in the Owners Corporation. Neighbours are not having to ask for levy payments to be made or required to understand the legalities of the Owners Corporations Act when a lot is sold.
The list of what a manager does can be endless, but the everyday tasks can include;
Establish, maintain and reconcile the fee free bank account
Paying invoices & liasing with creditors
Ensuring common property is maintained
Lodge tax returns if required, and arrange auditors if required
Issuing levy notices to lot owners, and following up arrears
Obtaining competitive and comprehensive insurance policies, paying the premium and carrying out insurance claims.
Preparing financial statements and budgets for the annual general meeting
Arranging, conducting and taking minutes of the annual general meeting, and any special general meetings
Distribution of minutes after the annual or special general meetings
Prepare Owners Corporation Certificates for sale purposes in accordance with the Owners Corporation Act
Securely store and affix as required, the common seal of the Owners Corporation
Provide advice to lot owners, and assist with dispute resolution.
Maintain the Owners Corporation register & records and respond to any correspondence received
As required by the Owners Corporations Act 2006, Rossignoli Real Estate are registered Owners Corporation Managers with the Business Licensing Authority.
You will receive a levy notice for Owners Corporation fees which may be invoiced monthly / quarterly / half yearly or annually
An annual general meeting will be held to discuss income & expenditure for the owners corporation (eg gardening of common areas) and decide on matters concerning the common areas (eg; fencing, parking on lawns)
Special general meetings may also be held throughout the year to discuss major maintenance or issues requiring discussion with the lot owners.
Your property is covered by the Owners Corporation insurance (Body Corporate Insurance) which covers the buildings, common property contents, and common property. However it does not include the contents, personal belongings or public liability of the individual properties, owners or occupants. Individual owners are advised to take out a personal contents policy, including personal legal liability cover along with a landlord insurance policy if the property is to be tenanted.
There may be a colour scheme that lot owners are to conform to
Any modifications to the exterior of your home or for keeping pets will require approval from the Owners Corporation
What are the annual fees for?
Each financial year, a budget will be set to cover expenses incurred by the Owners Corporation, these may include, but not limited to; Insurance, Gardening for the common area, electricity accounts for the common area, Repairs and Maintenance to the common area and Management Fees.
DEFT Payment Systems is a quick, easy and secure way to make rental payments – offering you a range of payment options¹ available 24 hours a day, seven days a week to suit your needs;
Pay online at www.deft.com.au with all major credit cards² or from your pre-registered3 bank account.
Pay by phone on 1300 301 090 (or international +612 8232 7395) with all major credit cards or from your pre-registered bank account.
Pay via BPAY® from a cheque or savings account4. Enter the biller code and your DEFT reference number.
Pay in person at Australia Post using cash, cheque or EFTPOS.
Visit deft.com.au for more details or contact your property manager.
¹ For a comprehensive list of available payment methods check with your property manager. ² Fees and charges may apply – please check with your property manager. 3 Registration is required for payments via bank accounts. For a registration form, visit www.deft.com.au or call 1800 672 162. You do not need to register separately for online and phone payments. Registration is not required for Credit Card payments. 4For more information on BPAY, visit the website www.bpay.com.au. BPAY® Registered to BPAY Pty Ltd ABN 69 079 137 518