In the Dixon Kestles OC department, we often receive the comment from owners and tenants who we assist that “Dixon Kestles is our Owners Corporation”. This is not entirely accurate…the Owners Corporation is YOU!
The Owners Corporation is an entity that is made up of all of the lot owners in a strata scheme. To use the analogy of a company share, the Owners Corporation is the company and each of the owners (members) are the shareholders. As a member, you have both a responsibility to contribute to the Owners Corporation and uphold the relevant legislation; and an entitlement to a portion of the assets held by the Owners Corporation.
The ‘Common Property’, which is all of the land that is not privately owned by individual owners, belongs to the Owners Corporation. It is in all members’ interest to ensure that the common property is maintained and well managed as it is an asset belonging to the members as a group.
The Owners Corporation runs as a democratic system, and each member has the right to vote on matters relating to the building and how funds are spent. A Committee of Management is elected at each Annual General Meeting, who represent the whole group and are often delegated the power to make all kinds of decisions as to the administering of the building.
The overarching goal of an Owners Corporation is twofold: to maintain and improve property values; and to maintain and improve the quality of life for those residing in the building. Dixon Kestles are engaged by Owners Corporations to assist in achieving these goals and ensure that they are meeting their legislative obligations.
- Caitlin See, Owners Corporation Manager
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