We are a professional Owners Corporation Manager registered with Business Licensing Victoria, registration number 98 with Professional Indemnity Insurance as required by the Owners Corporation Act 2006.
As part of the Halfapercent Real Estate and associated companies, we have at our disposal the combined resources and expertise of these companies enabling us to provide and deliver, a fully comprehensive management service which is conversant with the complex legal and current legislative requirements involved in Owners Corporation management.
Owners Corporations may be associated with almost any type of real estate including apartments, villa units, townhouses, shopping centers, factories, warehouses and farms.
Common property is property that is jointly owned by all of the members of the Owners Corporation with the plan of subdivision setting out the proportion of ownership.
The most typical common property may include a driveway, roof, stairwells and gardens. Other less typical common property may include lifts and recreational facilities such as swimming pools, tennis courts or gymnasiums.
An Owners Corporation is not required to maintain services which are for the exclusive benefit of one unit.
Our function is to assist unit and lot owners with the financial, administrative and maintenance functions ensuring that the common properties are enhanced and maintained thereby improving the capital value of the owners individual property.
All Owners Corporation funds are held in our Statutory Trust Account which is subject to mandatory audit on an annual basis.
Once appointed we will ensure the initial setup and activation has been completed correctly and if not take steps to rectify this.
Initial Set Up and Activation of Owners Corporation
- Hold initial Annual General Meeting.
- Arrange Owners Corporation Common Seal
- Notification to Land Victoria of changes to Owners Corporation contact details
- Obtain quotations for Building and Public Liability insurances
- Obtain quotations for all necessary maintenance contracts and other required services.
- Attend to registration of GST and Tax File Number, where required.
- Prepare proposed budget
- Assess Lot entitlements and liabilities under the Plan of Subdivision and set fees.
- Generate Minutes of Meeting
- Arrange preparation and installation of Owners Corporation Plaque.
- Establish Grievance Procedure for dispute resolution
- Prepare Model Rules and attend to Registration of Rules with Land Victoria, where required
- Prepare Maintenance Plan (for Prescribed Owners Corporation).
- Set up and maintain sinking fund, where required.
Our management will then include the following:
General Management Services
- Maintaining of Books of Account to include;
- Annual Income and Expenditure Statement
- Annual Profit and Loss Statement
- Balance Sheet
- Annual Budget
- Maintain Owners Corporation Minute Book.
- Record and maintain Owners Corporation Members Register.
- Collection of Owners Corporation fees and levies and payment into Trust Account. Includes issuing of notices for fees and levies
- Generate invoices to debtors, where applicable and collection of payment.
- Arrange payment of creditors from Owners Corporation funds.
- Ensure service and maintenance agreements for fire service, sprinkler service, alarm monitoring services etc, where applicable, are current.
- Attendance to Essential Services requirements and maintenance contracts (where applicable)
- Arrange routine general repairs and maintenance of common property.
- Arrange building and public liability insurances, to include quotes for renewal and insurance valuations, (Prescribed Owners Corporation) if requested.
- Convene and conduct Annual General Meeting to include:
- Preparation of financial budget
- Provision of financial statements and reports
- Issuing notices and forms of proxy
- Meeting Agenda
- Distribute copies of Minutes of Annual General Meeting to members.
- Record and maintain Owners Corporation Minute Book.
- Provide general advice pertaining to the Subdivision Act and Owners Corporation Regulations
- Implement grievance procedure.
- Annual site visit / general common area inspection
- Set up and activation of Owners Corporation
- Issue Owners Corporation Certificate
- Attendance to Change of Address notification
- Preparation and lodgement of Additional Rules
- Preparation and lodgement of insurance claims
- Arrange and convene Special General Meetings
- Arrange Postal Ballots
- Issue and collect Special Levies
- Attendance to debt recovery
- Arrange major works
- Attendance to arranging emergency repairs
- Attendance to dispute resolution
- VCAT attendance
We would be pleased to discuss the needs of your Owners Corporation and how we can improve the services your Owners Corporation is receiving at the moment.