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let's talk

t 03 9534 4614
e enquiries@tideways.com.au
G03/181 St Kilda Rd, St Kilda Vic 3182
PO Box 1027, Caulfield North Vic 3161

FAQ

Frequently asked questions

Find answers to some of the more common questions asked by both owners and developers regarding owner’s corporation management.

Frequently asked questions

Find answers to some of the more common questions asked by both owners and developers regarding owner’s corporation management.

What is an Owners Corporation?

In 2007, the Victorian Government introduced legislation in a new ‘Act’ to regulate the powers, functions and management of strata schemes of townhouses, apartment buildings, gated communities and commercial developments.

Every multi-unit development has a unique strata scheme, each with shared ownership and responsibility. Collectively owners share a portion (‘lot’) of the property’s common areas and these are administered by the rules of the established Owners Corporation. The Owners Corporation (‘OC’) legally represents lot owners and provides a vehicle to manage their common property.

Tideways clients benefit from realistic perspective, industry insight, twenty years of genuine experience, our ongoing success and client satisfaction in managing Owners Corporations.

What does the Owners Corporation do?

With extensive responsibilities related to the management of the building and common property, its main duties include:

  • Managing and administering the common property
  • Repairing and maintaining the common property, fixtures and services
  • Insurance and managing claims for the building and common property
  • Governance – rules and regulations
  • Preparation of budget and financials

From the get-go, clients are partnered with a dedicated team of Tideways strata professionals – real people, real decision makers providing a standard of excellence and the fine balance in servicing, maintaining and preserving client assets.

How does an Owners Corporation work?

Much like any business or company the Owners Corporation adopts and follows rules within the framework established by owners in the initial strata plan. Rules also cover decision-making, meetings, committees and office holders.

Tideways are solution focussed knowing that every Owners Corporation and strata scheme is unique. Communicating clearly with owners, we expertly tailor a comprehensive suite of services catering to all frameworks of rules for Owners Corporations and individual strata plans.

What is Common Property?

When land or buildings are newly constructed or converted they are sub-divided into parcels (“lots”). When they become apartments, units or townhouses each shares in the common property of the building and/or remaining land, collectively owned by the owners (the “lot owners”). Common property may include gardens, passages, walls, pathways, driveways, stairs, lifts, foyers and fences.

Tideways are thoroughly versed in all common property matters supporting owners, owner-occupiers and residents in understanding shared space living. By expertly managing the associated responsibilities of establishing and maintaining common property areas, we ensure that our clients enjoy the shared components of harmonious living.

What safeguards are there to make sure money is spent properly?

The rules in the Act specify the audited financial powers and duties of the Owners Corporation including:

  • Accurate budget forecasting
  • Setting fees to cover costs
  • Timely liaison with appointed committee members and regular communication with all owners
  • Providing transparent financial reporting including expenditure reports

Tideways are registered Strata Community Australia (Vic) members and uphold the highest industry compliance and standards. Industry association enables us to guarantee trust and win-win relationships with clients for the long term.

What is a Plan of Sub-division?

This occurs when land is divided into parcels known as “lots”. Each lot has a “lot entitlement” which is a share of ownership with a voting right and a “lot liability”, the share of the cost of maintaining common property. Owners purchasing a sub-divided property become a lot owner and pay their share of the costs.

With Industry recognised expertise in establishing, registering, administering and maintaining the Plan of Subdivision, Tideways seamlessly guide owners and their committees through these processes.

Who manages the Owners Corporation?

Owners Corporations can be self managed or more often, a professional is appointed. The 2007 Act clearly details how a manager is to be appointed, their duties and how they can be removed etc. Significantly 1.5 million Victorians now choose to live in cluster developments, with the majority choosing to appoint Owners Corporation managers to administer their schemes.

Tideways are proud of their involvement in the industry and their reputation for management excellence. We welcome contact from owners seeking further information about the Tideways service.

Thinking of changing your owners corporation?

Use this checklist when considering a changeof Owners Corporation Manager:

  • Is your Owners Corporation Manager providing a reasonable quality and degree of service?
  • Does your Owners Corporation have a current and existing management agreement?
  • Are there termination conditions stated in the existing agreement? Commonly a clause states the timeline for notice of termination, normally around 28 days prior to the AGM. Missing the notice period may result in the Manager being appointed for another 12 months.
  • Is your existing Owners Corporation Manager severing the relationship?

A Checklist for shopping around:

  • Is the new Manager industry compliant?
  • Is the new Manager conducting business with integrity, correct process and within The Act?
  • Is the new Manager experienced and suited to your property type?
  • Has the new Manager been referred and/or recommended?
  • Has your Owners Corporation carried out background checks?

To speak to a knowledgeable, experienced Tideways manager please contact us.

Handy links

Below are some useful website links for both owners and developers relating to owner’s corporations and related issues.

Handy links

Below are some useful website links for both owners and developers relating to owner’s corporations and related issues.

“I have found Tideways to be constantly professional, attentive and knowledgeable. I have no hesitation in recommending their services”.

Laura Hewson,
Senior Property Consultant,
Melbourne Real Estate

“I have found Tideways to be constantly professional, attentive and knowledgeable. I have no hesitation in recommending their services”.

Laura Hewson,
Senior Property Consultant,
Melbourne Real Estate

Tideway Services