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What is an owners corporation?

An owners corporation, formerly called a 'body corporate' is the body that is responsible for managing common property such as:

  • the garden,
  • laundry facilities
  • swimming pool
  • common parking spaces

in a development like a block of flats or apartments. Owners corporations are also found where property is commonly owned in a retail, industrial or commercial property.

These owners corporations are automatically created when a plan of property subdivision is registered at Lands Victoria.

Owners have financial responsibilities and legal rights and obligations in relation to this common property.

Each individual lot owner (of units, offices or shops) within a larger property development automatically becomes a member of the owners corporation.

More information

Legislation

Owners Corporation Act 2006 (Vic)

  • s. 3—defines 'lot owner', 'owners corporation'

See Owners Corporations Act 2006 (Vic).

Subdivision Act 1988 (Vic)

  • s. 3—defines a 'lot' as a part of land shown on a plan, which can be disposed of separately, including a lot on a registered strata subdivision
  • Part 5—sudivisions with owners corporations
  • s. 27—how is an owners corporation created?
  • s. 27A—if there is common property an owners corporation must be created
  • s. 27B—defines an unlimited owners corporation
  • s. 27C—defines a limited owners corporation

See Subdivision Act 1988 (Vic).

Reference

Consumer Affairs Victoria (CAV)

The CAV site has a section dedicated to owners corporations. See particularly the publication, 'Guide to owners corporations: owning and managing and living in a unit or apartment' available under 'forms and publications'.

See Consumer Affairs Victoria—Owners corporations.

Updated