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t 03 9534 4614
e enquiries@tideways.com.au
Suite 1, Level 3 521 Toorak Rd, Toorak VIC 3142
PO Box 1027, Caulfield North Vic 3161

Faq - OC Management

OC Management

  • What are the obligations of the Owners Corporation Manager?

    The main obligations of the owners corporation manager are the following:

    • Managing and administering the common property
    • Repairing and maintaining the common property
    • Arranging and maintaining adequate building insurance
    • Establishing and collecting fees from lot owners to meet financial obligations
    • Preparing financial statements and maintaining financial records
    • Providing owners corporation certificates as required
    • Maintaining the owners corporation register
    • Establishing, adopting and/or implementing of a dispute resolution procedure
    • Ensuring compliance and carrying out of functions and duties under the Owners Corporation Act 2006, the Owners Corporation rules and any other law.
  • What are the financial management requirements of the Owners’ Corporation Manager?

    Qualified managers of owners corporations are obligated to manage the finances of owners corporations. On behalf of owners corporations, managers establish and collect fees from lot owners. While managers have a number of financial powers and responsibilities, it is the lot owners who have unlimited financial and legal liability to the owners corporation. Under the Owners Corporation Act 2006, the manager’s powers and responsibilities include:

    • Setting fees to cover general administration, maintenance and insurance
    • Levying special fees for extraordinary expenditure
    • Investing money
    • Recording money owed
    • Charging of penalty interest
    • Operating a bank account
    • Paying insurance premiums
    • Keeping financial records
    • Preparing financial statements (balance sheets, statement of income and expenditure, detailed transaction listings etc)
 

FAQ