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Starting an Owner’s Corporation

 

To start an owner’s corporation you must register your Strata Plan with the Department of Lands. An owner’s corporation is the new name for what used to be called a “body corporate”. All Strata Solutions experienced team of lawyers accountants and property professionals’, can help you navigate your way through the process.

When preparing your building for Strata registration with the Department of Lands, The period between, when the Strata Plan is registered, and 33% of the lots have been sold, is called the initial period.

The following are some of the restrictions that apply, please note that this list is not exclusive and that All Strata Solutions experienced property team can assist you through this process. The owner’s corporation can not in the initial period:

  • Sell any common property 

  • Borrow money or give securities 

  • Incur debts for more than has been set aside for those debts 

  • Change, cancel, or make additional by-laws that do not apply to all lot owners 

  • Change or alter common property (some exceptions apply e.g. development contracts) 

  • Appoint strata management agents whose contract will continue after the first annual general meeting. 

The only way around the above restrictions during the initial period is to make an application to The Consumer, Trader and Tenancy Tribunal. The Tribunal has the power to make an order which will waive, vary or extinguish a restriction during the initial period.

All Strata Solutions legal team can assist in preparation of your application even if you decide to represent yourself. However, it should be noted that if the above restrictions are not obeyed, the original owner may be liable for losses or debts incurred by the Owners Corporation. In addition they are responsible for all the duties of the Owners Corporation, even if the first AGM has not been held.

Our expert team can provide you with more information or assistance with a Strata management issue. Complete and submit the Express Enquiry form on the top right hand side of this page and we will contact you to discuss your enquiry or call us on 1300 QUINNS (1300 784 667) or on +61 2 9223 9166 to arrange an appointment.