Your Rights and Responsibilities

as an owner or investor

You have a right: 

• to participate in the decision making of your Owners Corporation. You can do this by attending the Annual General Meeting, or you can be nominated to join the Owners Corporation committee which meets more regular by members electing you at the Annual General Meeting.
• to expect that the common property is well maintained and covered by an appropriate level of building insurance and public liability insurance.

You have responsibility:

• to be aware of the Owners Corporation Act in the state of Victoria
• as owner of a dwelling which is part of an Owners Corporation you are automatically a member of the Owners Corporation and therefore indirectly responsible for the management and maintenance of the common property
• to contribute to the cost of running and maintaining the building through levies which are determined at the Annual General Meeting of the Owners Corporation and calculated in accordance with the lot entitlement schedule
• to contribute towards a Maintenance Fund for future long term expenses (not all Owners Corporations have a sinking fund)
• to maintain your property in good condition
• to be aware of the Registered Rules of the Owners Corporation and adhere to them including getting permission of the Owners Corporation to undertake any renovations and alterations to your property which require a building or planning permit
• as investor it is your responsibility or if you have engaged a property manager, you delegate the responsibility to them, to provide the tenants within 7 days of tenants renting the property, a copy of the Registered Rules. It is your responsibility to ensure any changes to the Registered Rules are communicated to the tenants. Tenants have the same rights and responsibilities to use common areas and adhere to the Registered Rules
• you or your property manager is responsible to provide the contact details of the tenant to the Owners Corporate Manager or the Owners Corporation Committee.