Owners Corporation, formerly Body Corporate, is a body which collectively manages the building where a building is subdivided into lots. Owners Corporation is the legal entity created when the plan is registered at the Titles Office.
Owners Corporation insurance covers the building, the common area and contents, legal liability, workers compensation, fidelity guarantee and office bearers insurance.
The Owners Corporation insurance (Body Corporate Insurance) does not include the contents, personal belongings or public liability of the individual apartment owners or occupants. Individual owners are advised to take out a personal contents policy, including personal legal liability cover.
The annual maintenance fund required to meet the anticipated expenditure is divided by the lot liability for each apartment as shown on the registered plan of subdivision.
The Owners Corporation manager is actively involved in the day-to-day operational management of the building as well as financial management of the budget.
Owners within the building elected by the members to represent all owners between annual general meetings.
A maintenance fund or a sinking fund is the regular investment of funds to meet anticipated future capital expenditure of the property.