Strata Services
An Owners Corporation is the legal entity responsible for managing the common property of a building. The owner of each lot is a member of the Owners Corporation.
An Owners Corporation (formerly known as a body corporate) is created when a plan of subdivision containing common property is registered at Land Victoria.
Living in an Owners Corporation brings with it a number of legal obligations and certain social obligations. Positive OCM assists an Owners Corporation in both matters with objective and professional advice.
Two very important areas that the Owners Corporation is responsible for include:
- maintaining and repairing the common property; and
- having the required building, public liability and other insurance in place to protect against an insurable loss suffered by the Owners Corporation.
What is POCM’s role?
The role of Positive OCM is many and varied. The key duties and responsibilities are summarised below.
Administrative & Record Keeping
Positive OCM provides secretarial and administrative duties that include the following key functions:
- Maintaining the statutory records and register of the Owners Corporation
- Receiving and distributing correspondence on behalf of the Owners Corporation
- Assisting in handling complaints regarding rules of the Owners Corporation and making recommendations as required
- Performing clerical functions to implement decisions of the Owners Corporation.
Meetings & Operations
Positive OCM provides online access to owners so they have timely access to documents such as Notices of Meetings, Rules and Minutes of Meetings. Positive OCM is responsible for a number of operational duties and conducting a variety of meetings as follows:
- Liaising with owners regarding maintenance, repair and replacement of common property of the Owners Corporation
- Convening & facilitating Annual and Special General Meetings
- Attending to Minutes of the Annual General Meeting and issue Minutes to all members
- Arranging for renewal of insurance held by the Owners Corporation and obtaining quotes where necessary
- Arranging for the valuation of property for which the Owners Corporation is obliged to insure
- Arranging for processing of insurance claims made by members under the policy held by the Owners Corporation
- Engaging a legal practitioner (at the request of the Owners Corporation) to recover outstanding fees and charge owing by members
- Providing so far as is reasonable, general advice and assistance to the Owners Corporation on matters of procedure and management
- Preparing Owners Corporation Certificates under Section 151 of the Owners Corporation Act 2006 (with the fee met by the requesting party)
Financial Management
Positive OCM has a qualified chartered accountant who is responsible for the financial management of its Owners Corporations. Positive OCM prides itself in providing easy to understand financial reports to owners. A summary of duties regarding financial management obligations are as follows:
- Maintaining accounting records and bank accounts of the Owners Corporation
- Preparing statements of financial performance and financial position from the date of commencement of management
- Assisting with budget preparation to be considered at the Annual General Meeting
- Issuing fee notices in accordance with resolution of the Annual General Meeting
- Receiving and processing payments made by members and apply interest to members who have not paid fees in accordance with resolution of the Owners Corporation
- Receiving and paying invoices of the Owners Corporation, with instruction of the Owners Corporation where necessary
Legislative Compliance
Positive OCM are members of the Strata Community Association (SCA) and ensures compliance with legislation as follows:
- Conducting matters of the Owners Corporation in accordance with legislative requirements under the Owners Corporation Act 2006 and the regulations to the Act.
- Providing verbal and/or written advice to the Owners Corporation as is reasonably necessary to enable the Owners Corporation to carry out and perform its duties and functions
- Communicating with Committees regarding changes to legislation