Are you a new member of the Five Farms community or just looking to refresh your knowledge about living in an Owners Corporation (OC)? Here are some essential points from the updated Owners Corporation Guide that every property owner should know:
What is an Owners Corporation?
An Owners Corporation (formerly known as Body Corporate) is a collective of all property owners within aPlan of Subdivision, ensuring shared common spaces like roads, gardens, or clubhouses (such as Allendale Residents Club), are maintained to a high standard.
Your Entitlements
As an OC member, you have access to common areas, the right to vote at AGMs, and the ability to stand for or elect an OC committee.
Your Responsibilities
Pay your OC fees on time, comply with the OC rules, and maintain your property in line with the the OC Registered Rules or covenants.
Owners Corporation Fees
Fees cover the cost of managing and insuring common property and amenities, like club facilities. These fees are determined by the annual budget that is ratified annually at the AGM.
Owners Corporation Insurance
The OC insurance covers common property but does not include your personal property or building—ensure you have individual insurance for your home and contents.
Staying Informed
Stay updated on community matters by attending committee meetings or accessing the community app, where important documents and notifications are available.
For more details, read the full Guide HERE.