Owners Corporation is the name given to represent all lot owners within a strata scheme.
When you purchase an apartment, or lot, you automatically become part of the Owners Corporation for your building.
The Owners Corporation is responsible for the overall management of the strata scheme. This includes financial management, arranging insurance, conforming to strata law and by-laws, record keeping, ongoing maintenance and managing repairs of common property.
As a lot owner, and part of the Owners Corporation, you also share the ownership and responsibilities of common property with other owners in the scheme.
The Owners Corporation should hold regular meetings to discuss the scheme’s management and decide on a course of action to manage tasks required.
To enable quicker and more precise decision making in your strata scheme, every year you can nominate yourself, or vote for candidates, to form the Strata Committee at the Annual General Meeting, who will in turn represent all owners.
It is in your best interest to attend these meetings, especially the Annual General Meeting (AGM).
You have a right to participate in the decision making of your scheme and influence how your community functions.