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The Owners Corporation Act (2006) and recent amendments that came into force in December 2021, require property developers establishing an Owners Corporation (OC) to extensively meet and comply with a range of planning, financial, practical and legal and reporting obligations.
For example, at the first meeting of the OC, a developer has to provide the following documents:
-the building maintenance manual
-an asset register
-copies of any warranties or, if copies are not able to be provided,
-details of any warranties
-copies of any specifications, reports, certificates, permits, notices or orders in relation to the plan of subdivision.
New disclosure requirements for developers also apply:
Developers are now required in the first meeting to keep minutes for posterity, containing the following information at a minimum:
-the date, time and place of the meeting
-the names of lot owners present
-the names of lot owners who have provided proxies
-the names of proxies present
-the voting on any resolutions
-the text of all resolutions of the owners corporation made at the general meeting; and
-any disclosure made by the developer in relation to their relationship with the OC Manager.
Restrictions also apply to developers in relation to the appointment of an OC Manager, voting and annual budget preparation and lot designations.
If you are a property developer and require comprehensive strategic and operational support with your OC, contact SELECT Strata Communities today for a no-cost, no-obligation confidential chat to see how we can help you.