A Guide to Buying in an Owners Corporation - VIC
If you are buying a unit, townhouse or an apartment, you would note that these type of properties will generally come with an owners corporation, which is established to manage the common areas within the complex. An owners corporation would apply to everything between a small three-lot subdivision in the suburbs to the tallest high-rise in the middle of a metropolitan area. The primary responsibility of the owners corporation is to set rules that govern behavior on the premises, raise levies that are used for general maintenance and management activities on site and hold meetings between all the owners and occupants to decide on the daily affairs of the complex.