To ensure your new development building is ready to be managed and insured with the Owners Corporation, Alleura can also manage all paperwork, engagement and insurances involved with the Owners Corporation set-up.
What is an owners corporation?
If your property development consists of three or more townhouses, units or apartments within a complex, an owners corporation will be required.
The owners corporation consists of each lot owner within the premises. If there are only a handful of owners, the members work together to establish the following:
- The maintenance, management and control of common property on behalf of owners
- The levy amounts to be paid by the owners to make sure the owners corporation can operate
- The rules, called by-laws, which tell owners and other people who live in the scheme what they can and cannot do
- The insurance policies applied on behalf of owners, such as public risk insurance over the common property and building insurance
- The management and control of owners corporation corporate assets
- Record keeping, including minutes of meetings, the roll of owners details, financial accounts, registers of assets, improvements to common property by owners, engagements and authorisations.
The owners corporation makes decisions about these and other things at general meetings. For very large premises, the owners corporation will elect an executive committee to make decisions on its behalf.
Establishing an owners corporation
Alleura helps clients to establish an owners corporation by:
- Establishing the best Owners Corporation for your property
- Ensuring estimates provided are within market comparisons
- Negotiating estimates, if required
- Assessing by-laws and provide these for the Contract of Sales
- Providing any other information required for the Contract of Sales e.g. estimates, insurance information
Although it may seem a simple task, it is important your shared property in a building is properly managed; we have all too often seen Owners Corporation firms that are not responsive or reliable. It is also critical your by-laws, insurance and estimates are accurate for your sales contracts.
Contact us to find out more.